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Takeaways from the Key Notes
- President-elect Donald Trump said he plans to impose 25% tariffs on all imports from Mexico and Canada and an additional 10% on goods from China, in moves likely to ramp up tensions with the U.S.'s three top trading partners.
- The measures targeting Mexico and Canada would be imposed on his first day in office, Trump said on his Truth Social platform.
- Trump didn't disclose a date for the China tariffs but—like the Mexico and Canada ones—they are aimed at curbing illegal fentanyl imports, he said.
Donald Trump, the president-elect of the United States, said that he intends to increase tariffs by 25% on imports coming from Mexico and Canada as well as an extra 10% on Chinese goods. This is likely to escalate tensions between America’s top three trading partners.
The measures targeting Mexico and Canada, which Trump said would be imposed on his first day in office, are aimed at curbing fentanyl coming into the country as well as "thousands" of "Illegal Aliens," he said on his Truth Social platform.
"On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders," he said. "This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country! Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem."
A Vow Endangers Free-Trade Agreement With Canada and Mexico
Trump’s 25% tariff is higher than what he proposed on his campaign trail and would threaten to undermine the USMCA, the free trade agreement between Mexico and Canada that he signed during the first year of Trump’s administration.
Trump also said in an additional post to Truth Social that the tariff increase of 10% on Chinese products entering the U.S. will be implemented as part of his efforts to combat fentanyl trafficking. He didn't give a date for the tariffs.
"Representatives of China told me that they would institute their maximum penalty, that of death, for any drug dealers caught doing this but, unfortunately, they never followed through, and drugs are pouring into our Country, mostly through Mexico, at levels never seen before," Trump wrote on Truth Social. "Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America."
Trump proposed tariff policies he claimed would bring manufacturing back in the U.S. He also started policies which President Biden carried on under his administration.
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