[President Donald Trump Announces Aggressive Tariffs on Canada, Mexico, and China
President Trump will move forward with aggressive new tariffs on Canada, Mexico, and China on Saturday, despite concerns about the potential impact on the economy. The tariffs, which could take effect as early as this month or next, will apply to steel, aluminum, and copper, as well as pharmaceuticals.
Trump announced his intentions to impose tariffs on metals, saying, “We’re going to build a tariff wall to bring pharmaceuticals back to America.” He also stated that the measures are part of a broader strategy to revive US industries.
Mexico and Canada will face a 25% duty, according to White House press secretary Karoline Leavitt. The measures could add $272 billion a year to tax burdens, according to estimates.
Trump acknowledged that there could be “short-term disruption” to everyday consumer prices due to the tariffs, but dismissed market concerns about the move. “The tariffs are going to make us very rich and very strong — and we’re going to treat other countries very fairly,” he said.
Canada, however, has responded swiftly, with Prime Minister Justin Trudeau warning of a “forceful and immediate response” to the imposed tariffs. Canadian officials are meeting with the White House to try to reach a deal to stave off the proposed tariffs.
Canada’s response includes a threat of dollar-for-dollar retaliation, with plans to impose tariffs on US goods such as Tesla vehicles, wine, beer, and spirits. Canadian Energy and Natural Resources Minister Jonathan Wilkinson called the plan “strange” but said Canada is ready to respond.
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