President Trump's previously announced tariffs on Canada and Mexico commenced, imposing a 25% tax on imports from both countries, with additional tariffs on Chinese products. In retaliation, Canada pledged tariffs on over $100 billion of U.S. goods. Trump's justification for the tariffs focuses on addressing drug trafficking and illegal immigration, although economists warn of potential inflation and prolonged trade wars. The situation raises questions about economic repercussions and the future of U.S. trade relations, as more tariffs could target additional countries and sectors.
Starting just past midnight, imports from Canada and Mexico are now to be taxed at 25%, with Canadian energy products getting tariffed at 10%.
In response, Canadian Prime Minister Justin Trudeau said his country would slap tariffs on more than $100 billion of American goods over the course of 21 days.
He has shown a willingness to buck the warnings of mainstream economists and put his own public approval on the line, believing that tariffs can fix what ails the country.
The stated reason for the tariffs is to address drug trafficking and illegal immigration, and both countries say they've made progress on those issues.
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