President Trump on Thursday reiterated his plans to put a 25% tariff on imports from Mexico and Canada, where automakers build many of their products for sale in the US. Ford CEO Jim Farley believes Trump’s tariff gambit will be a policy issue that extends beyond February, however, but said that Ford has had a gameplan in place.
White House press secretary Karoline Leavitt said that there will be 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China starting on Saturday. This fulfills Trump’s repeated promise to implement tariffs on these countries throughout his campaign.
The White House confirmed on Friday that tariffs against goods from Canada, Mexico and China will take effect Saturday, as President Trump has threatened. Press secretary Karoline Leavitt told
Leavitt implied that there’s not much the impacted parties can do to avoid the duties at this point. “Tariffs are incoming tomorrow…And the reason for that is because both Canada and Mexico have allowed an unprecedented invasion of illegal fentanyl that is killing American citizens—and also illegal immigrants—into our country,” she said.
President Donald Trump will move forward with aggressive new tariffs on Canada, Mexico and China on Saturday, the White House said, affirming he will stick to his February 1 deadline for the new duties that could have widespread effects on the economy.
President Trump will enact 25% tariffs on Mexico and Canada starting Saturday, as well as a 10% tariff on China.
Trump campaigned heavily on tariffs and threatened to implement them against Canada and Mexico on Inauguration Day, which was later pushed back to Feb. 1.
Canadian Prime Minister Justin Trudeau says tariffs would have “disastrous consequences” for the U.S., putting American jobs at risk and causing prices to rise.
Trump has promised to impose 25% tariffs on immediate neighbors Canada and Mexico, pointing to their failure to stop illegal immigration and the flow of fentanyl across US borders.
Americans may see higher prices and disruptions in the agricultural, auto, energy and lumber sectors, among others. One example, experts give, is the cost of new car going up possibly thousands of dollars. The U.S. does about $1.6 trillion in annual business with Canada, Mexico and China.
New tariffs on imports from Canada, Mexico and China are expected to drive up prices on everyday goods, according to AAA.