President Trump announced Monday that his administration will impose a 25% tariff on imports from Mexico and Canada starting February 1.
“We're thinking in terms of 25% for Mexico and Canada, because they're allowing huge numbers of people into the country and fentanyl into the country,” Trump said in the executive order. When signing the agreement, he was asked about his thought process regarding tariffs on Mexico, and he said: Two countries.
Asked about the schedule, he added: “I think it will happen on February 1st.”
The move would follow through on President Trump's first threat late in his 2024 campaign to impose 25% tariffs on all Mexican imports. top trading partners Unless the Mexican government curbs the flow of migrants at its southern border, relations with the United States will continue.
He then extended his threat to Canada and China.
The former president roiled financial markets and America's major trading partners throughout his first term with his tariff policy agenda. He has signaled that he intends to double down on tariffs, arguing that they are financially beneficial to the United States. experts warn It is equivalent to a tax on consumers.
