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| US President Donald Trump in the Oval Office of the White House on Thursday | Photo: AFP |
President Donald Trump has confirmed that his administration will impose a 25% tariff on goods from Canada and Mexico starting February 1, following through on his earlier threat.
However, he stated that no decision has been made regarding oil imports from the two neighboring countries.
Speaking to reporters at the Oval Office on Thursday, Trump explained that the new tariff is aimed at curbing illegal immigration, stopping the influx of fentanyl, and reducing the U.S. trade deficit with Canada and Mexico.
Trump also hinted at potential new tariffs on Chinese goods, reiterating concerns about fentanyl shipments from China contributing to the opioid crisis in the U.S. While he previously suggested a 10% tariff on Chinese imports, he did not provide specific details on the latest plans.
During his campaign, Trump had threatened tariffs of up to 60% on Chinese goods, but he did not immediately implement them after returning to office. Instead, he instructed his administration to review and assess the situation before making a final decision.
The move to tax North American imports marks a significant escalation in Trump's trade policy, raising concerns among businesses and economists about its potential impact on supply chains and consumer prices.