President Donald Trump signed an order imposing significant tariffs on imports from Mexico, Canada, and China, representing a fulfillment of a key campaign promise while raising concerns about rising consumer prices. The tariffs include a 10% duty on all Chinese imports and 25% on those from Mexico and Canada, excluding Canadian oil. While Trump cites fentanyl trafficking as a motivation, the move also aligns with an approach to boost domestic manufacturing and generate federal revenue, despite the risks of inflation and disruption of the global economy.
Trump is declaring an economic emergency to put duties of 10% on all imports from China and 25% on imports from Mexico and Canada.
Trump says the tariffs are to force the countries to do more to stop the flow of fentanyl into the U.S., but also dovetail with his embrace of protectionist measures.
'You see the power of the tariff,' Trump told reporters Friday. 'Nobody can compete with us because we have by far the biggest piggy bank.'
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