The establishment of sweeping tariffs for imports coming from Canada, Mexico, and China to the U.S. has rattled the markets, causing reactions at a worldwide level. President Trump signed an executive order on February 1st, putting an import tax of 25% on all Mexican and Canadian products entering the U.S. Trump also included China in this order, establishing tariffs of 10% for Chinese products.
Trump uses this regime as a retaliatory response to the negative implications of the lax border policies of its neighboring countries. In Truth Social, Trump stated:
This was done through the International Emergency Economic Powers Act (IEEPA) because of the major threat of illegal aliens and deadly drugs killing our Citizens, including fentanyl.
However, Trump established a less severe percentage (10%) for Canadian power imports, including oil. Roughly 60% of all U.S. imported oil comes from Canada, so this consideration aims to lessen the impact of these measures on fuel and oil derivates.
Trump justified his course of action more recently, stating that he would maintain these tariffs even with the retaliatory moves that are already brewing against the U.S. “They owe us a lot of money, and I’m sure they’re going to pay,” he told reporters.
Read more: Trade War Escalates: Trump’s Tariffs Ignite Retaliation From Canada, Mexico, China
Trump also attacked tariff naysayers on Truth Social, accusing them of being influenced by foreign superpowers. “Anybody that’s against Tariffs, including the Fake News Wall Street Journal, and Hedge Funds, is only against them because these people or entities are controlled by China, or other foreign or domestic companies,” Trump stressed.
The upcoming trade war is the result of Trump’s usage of tariffs to pressure other countries to play along with the policies of the new administration on immigration and drugs.
Recently, Colombia also faced Trump’s tariffs after stopping the entry of a repatriation flight into his airspace. Trump stated he would tax Colombian imports at 25%, and the international impasse ceased as President Gustavo Petro yielded to Trump’s demands.
Read more: The Trump Administration Debuts Tariffs as a Trade Warfare Tool: Colombia Sheds First Blood
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