In a recent Oval Office session, President Trump reaffirmed his intention to impose tariffs on Mexico and Canada starting February 1. He criticized both countries for past trade practices, stating they have treated the U.S. unfairly. Trump hinted at possible exemptions for Canadian oil imports and mentioned tariffs impacting Chinese goods as well. Economic analyses suggest significant effects on the Mexican auto and Canadian paper and rubber industries. The announcement has already strengthened the U.S. dollar against the Canadian dollar, with potential retaliatory measures from both nations looming.
"Mexico and Canada have never been good to us on trade. They've treated us very unfairly on trade," Trump said.
"We may or may not, we're going to make that determination tonight," he told reporters about possible exemptions on Canadian oil imports.
S&P Global Ratings said those levies would most affect the Mexican auto industry and the Canadian paper and rubber industries, among others.
"China is going to end up paying a tariff also for that and we're in the process of doing that ... we'll make that determination what it's going to be."
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