President Trump announced a new wave of tariffs on imports from Canada, China, and Mexico, which are expected to have serious implications for U.S. businesses, particularly in New York. The tariffs include a 25% increase on Canadian and Mexican goods and a 20% tariff on select Chinese imports, effective immediately. Financial markets reacted negatively, with major indices like the DJIA and NASDAQ showing significant declines. The President emphasized that these tariffs aim to encourage foreign companies to produce goods within the U.S. while retaliation against countries that tax U.S. products would occur in April.
"The president said Canada or Mexico could not avoid the 25% tariffs, which took effect Tuesday, and no deal would be reached on potentially limiting fentanyl smuggling at the borders."
"CEOs and economists say the tariffs, covering more than $900 billion worth of annual U.S. imports from its southern and northern neighbors, would seriously damage the highly integrated North American economy."
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