Trump says Mexico, Canada tariffs on next week, China gets extra 10%
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The news: US President Donald Trump is pushing ahead with tariffs on the US’s largest trading partners, confirming 25% duties on imports from Canada and Mexico will take effect on 4 March, along with an additional 10% tariff on Chinese goods.
Posting on Truth Social, Trump said drug inflows from Canada and Mexico remain at “very high and unacceptable levels,” and that tariffs would "go into effect, as scheduled."
The context: The tariffs had been paused for one month after Canada and Mexico agreed to new border security measures in early February.
Trump also reiterated that his 2 April reciprocal tariff plan, which he said would match US import taxes to those imposed by other countries, will go ahead as scheduled.
Canada and Mexico are lobbying for exemptions, while China has called for dialogue.
The numbers: In recent years US-Canada trade was valued at USD920 billion (2023), with the US-Mexico trade at nearly USD900 billion.
Canadian energy products will be taxed at a lower 10% rate.
Last Tuesday, the Conference Board’s consumer confidence index dropped 7 points to 98.3, the largest decline since August 2021, with unprompted mentions of tariffs the highest since 2019.
What they said: Trump wrote, “We cannot allow this scourge to continue to harm the USA, and therefore, until it stops, or is seriously limited, the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled.”
The sources: Donald Trump social media post, Bloomberg
