Trump to impose 25% tariffs on Canada and Mexico this Saturday
Photo: Donald Trump (Getty Images)
US President Donald Trump has announced that he will carry out his threat to impose a 25% tariff on imports from Canada and Mexico as soon as this Saturday, February 1. The reasons he cited for his decision were the influx of fentanyl and a large trade deficit, Bloomberg reports.
"We’ll be announcing the tariffs on Canada and Mexico for a number of reasons. Number one is the people that have poured into our country so horribly and so much. Number two are the drugs, fentanyl, and everything else that have come into the country. Number three are the massive subsidies that we’re giving to Canada and to Mexico in the form of deficits," Trump explained.
Trump added that the tariff rate "may increase over time, or it may not." Additionally, he stated that he would decide later tonight whether tariffs would also apply to imports of Canadian oil, noting that the decision would depend on oil prices.
"We don’t need the products that they have. We have all the oil that you need. We have all the trees you need," Trump said, referring to the large volume of imports from Canada.
Following the US president’s comments, West Texas Intermediate (WTI) crude oil futures rose above $73 per barrel. Meanwhile, the US dollar also reached its daily high, while the Canadian dollar fell.
Trump’s tariff threats against other countries
As a reminder, on Sunday, January 26, US President Donald Trump ordered his administration to impose a 25% tariff on Colombia, along with a series of sanctions. The decision was made after Bogotá (the capital of Colombia) refused to accept planes carrying deported migrants from the United States.
However, shortly after, Colombia agreed to Trump’s conditions, as reported by the White House. Officials also stated that since an agreement had been reached regarding the return of deported migrants, the US would not impose tariffs or sanctions on Colombia.
Additionally, about a week ago, Trump stated that he would prefer not to impose tariffs on China, but according to him, that possibility still remains.
