‘No room’ for delay: Trump says 25% tariffs on Mexico, Canada imports to start on Tuesday
Former US President Donald Trump announced that 25% tariffs on imports from Mexico and Canada would begin on Tuesday, raising concerns about a potential North American trade war. Trump stated the tariffs aim to pressure both countries to enhance their efforts against fentanyl trafficking and illegal immigration, while also addressing the trade imbalance and encouraging factories to relocate to the US.
The announcement quickly impacted the US stock market, with the S&P 500 index dropping 2% on Monday afternoon. While the Trump administration believes tariffs will boost US manufacturing and attract foreign investment, evidenced by TSMC's expanded US investment, these measures also carry the risk of higher inflation and jeopardizing long-standing trade partnerships. Trump also reiterated that tariffs on imports from China, previously set at 10%, would double to 20% on Tuesday.
via SCMP Full Text Feed
Former US President Donald Trump announced that 25% tariffs on imports from Mexico and Canada would begin on Tuesday, raising concerns about a potential North American trade war. Trump stated the tariffs aim to pressure both countries to enhance their efforts against fentanyl trafficking and illegal immigration, while also addressing the trade imbalance and encouraging factories to relocate to the US.
The announcement quickly impacted the US stock market, with the S&P 500 index dropping 2% on Monday afternoon. While the Trump administration believes tariffs will boost US manufacturing and attract foreign investment, evidenced by TSMC's expanded US investment, these measures also carry the risk of higher inflation and jeopardizing long-standing trade partnerships. Trump also reiterated that tariffs on imports from China, previously set at 10%, would double to 20% on Tuesday.
via SCMP Full Text Feed
