President Trump Will Move Forward with Aggressive New Tariffs on Canada, Mexico, and China
President Donald Trump will move forward with imposing aggressive new tariffs on Canada, Mexico, and China on Saturday, the White House announced. The tariffs, which will take effect on February 1, will amount to a 25% duty on Mexico and Canada, and a 10% tariff on China.
White House press secretary Karoline Leavitt confirmed the move, saying, “I can confirm that, tomorrow, the February 1 deadline President Trump put into place with a statement several weeks ago continues.” The tariffs are expected to go into effect despite efforts by Canadian and Mexican officials to reach a deal to stave off the proposed tariffs.
The tariffs are expected to have widespread effects on the economy, with some economists predicting that they could force American consumers to pay more for imports, including goods such as foreign-made sneakers and toys. The Peterson Institute for International Economics estimates that Trump’s proposed tariffs would cost the typical US household over $2,600 a year.
Canada and Mexico have both expressed concerns about the tariffs, with Canadian Prime Minister Justin Trudeau saying that no one on either side of the border wants to see American tariffs on Canadian goods. Mexico’s president, Claudia Sheinbaum, said that her country is awaiting the tariffs with a “cool head” and will defend its sovereignty and engage in dialogue with the US government as equals.
Despite the potential economic costs, some proponents of the tariffs argue that they are necessary to address national security issues and to bring other countries to the negotiating table. Jamie Dimon, CEO of JPMorgan, has said that if tariffs cause a little inflation but address a national security issue, then people should “get over it.”