U.S. President Donald Trump announced new tariffs on major trading partners Canada, Mexico, and China, citing the threat of illegal immigration and drugs, including fentanyl.
Starting Tuesday, Canadian and Mexican exports to the U.S. will face a 25% tariff, with Canadian energy resources receiving a 10% levy, while China will face an additional 10% tariff on its goods.
The tariffs, which also end exemptions for low-value imports, are intended to hold the three countries accountable for addressing immigration and drug issues, according to the White House.
In response, Canada and Mexico vowed to retaliate with their tariffs, while China plans to challenge the U.S. at the World Trade Organization.
The tariffs are expected to disrupt supply chains and strain U.S. trade relationships, with economists predicting higher inflation and potential economic slowdowns.
Source: PhilNews24 | February 3, 2025
