President Donald Trump announced plans to implement tariffs on Saturday, targeting the US's largest trading partners: Canada, Mexico, and China. The tariffs, aimed at curbing illegal immigration and the flow of fentanyl, are expected to reach 25% on imports from Canada and Mexico, and 10% on Chinese goods. Trump also hinted at future tariffs on oil and gas, and the European Union. The move has sparked immediate concern from Canada and Mexico, with both countries vowing to respond. Analysts predict potential economic repercussions, including increased gasoline prices and a risk of recessions in Canada and Mexico.
President Donald Trump will implement tariffs Saturday on the three largest US trading partners — Canada, Mexico and China — saying there was nothing they could do to forestall him while vowing further levies on various industries.
Beyond the three countries, Trump told reporters in the Oval Office Friday that tariffs on oil and gas could arrive around February 18. Trump has not specified tools he would use, though analysts suggest he could tap emergency economic powers, which allow the president to regulate imports during a national emergency.
Asked if Saturday’s tariffs would include Canadian crude oil, Trump told reporters: “I’m probably going to reduce the tariff a little bit on that.” Oxford Economics analysts warned that blanket tariffs and pushback could tip Canada and Mexico into recessions, adding that the United States also risks a shallow downturn.
TRADE WAR TARIFFS IMMIGRATION FENTANYL ECONOMICS
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