President Donald Trump has imposed new tariffs on imports from China, Canada, and Mexico, sparking swift retaliation from China and Canada. The Trump administration’s tariffs include a 25% duty on imports from Canada and Mexico, with Canadian energy resources facing a 10% tariff. The tariff on Chinese imports has doubled from 10% to 20% as of Tuesday (March 4). The tariffs aim to pressure these countries to curb the flow of fentanyl into the United States, according to the administration.
China responded by imposing 15% tariffs on U.S. imports such as chicken, wheat, corn, and cotton, and 10% tariffs on sorghum, soybeans, pork, beef, and other agricultural products. China also added 15 American companies to its export control list, restricting exports of dual-use equipment to them. Meanwhile, Canada announced tariffs on $30 billion worth of U.S. goods, with plans to expand these tariffs to $125 billion in 21 days.
Mexico plans to announce its own retaliatory measures on Sunday, as President Claudia Sheinbaum prepares for a call with President Trump on Thursday.
The tariffs will remain in effect indefinitely, with the possibility of further increases if retaliations continue. The situation has prompted concerns about the impact on supply chains and the potential for escalating trade tensions.
The tariffs threaten to raise prices for American consumers on goods imported from these countries, which account for over 40% of U.S. imports. The tariffs have also caused stock markets to fall, with significant declines in global carmakers’ stocks.
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