President Trump declared a national emergency and implemented tariffs on Canadian, Mexican, and Chinese imports, citing concerns about fentanyl and illegal immigration. The tariffs, set to take effect on February 5th, are expected to trigger retaliatory measures and potentially escalate into a trade war.
US President Donald Trump issued an order on Saturday imposing 25% tariffs on imports from Canada and Mexico, and 10% on goods from China, effective Tuesday. This action, according to White House officials, is in response to a declared national emergency concerning fentanyl and illegal immigration into the United States. Energy products from Canada will face a 10% duty, while Mexican energy imports will be subject to the full 25% tariff.
Trump invoked the International Emergency Economic Powers Act to implement these tariffs, granting him broad authority to address crises. White House officials stated that there would be no exemptions from these tariffs and that the existing 'de minimis' US tariff exemption for small shipments under $800 would be canceled for Canadian imports. This move fulfills a repeated threat Trump made since shortly after his 2016 presidential election victory and is likely to provoke retaliatory measures, potentially escalating into a trade war with widespread economic repercussions for all involved nations. It remains unclear if Trump, who spent Saturday golfing at his Mar-a-Lago estate in Florida before signing the order, will address the media regarding these new duties.Trump set a February 1st deadline to pressure for decisive action to stop the flow of the opioid fentanyl and precursor chemicals into the US from China through Mexico and Canada, as well as to curb illegal border crossings. Less than two weeks into his second term, Trump is deviating from established norms of US governance and international relations with its neighbors and the global community. On Friday, he pledged to proceed with the tariffs despite acknowledging their potential to cause disruptions and hardships for American households. A model assessing the economic impact of Trump's tariff plan by EY Chief Economist Greg Daco suggests it would reduce US growth by 1.5 percentage points this year, push Canada and Mexico into recession, and trigger 'stagflation' domestically. 'We have stressed that steep tariff increases against US trading partners could create a stagflationary shock — a negative economic hit combined with an inflationary impulse — while also triggering financial market volatility,' Daco wrote on Saturday. This volatility was evident on Friday, when the Mexican peso and Canadian dollar both depreciated following Trump's vow to carry out his threats. US stock prices also declined, and Treasury bond yields rose. —Reuter
TRUMP TARIFFS CANADA MEXICO CHINA NATIONAL EMERGENCY FENTANYL IMMIGRATION TRADE WAR
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