Official announcement or confirmation from the U.S. government or trade departments

Trump to Impose 25% Tariffs on Mexico and Canada Over Migration Starting February 1

Jan 21, 2025, 01:12 AM

President Donald Trump announced plans to impose 25% tariffs on imports from Mexico and Canada starting February 1, citing concerns over migration and drug flows into the United States. Speaking from the Oval Office while signing several economic orders, Trump stated, 'We are thinking in terms of 25% on Mexico and Canada... I think we'll do it on February 1.' Following the announcement, the U.S. Dollar Index jumped, and S&P 500 futures declined. The proposed tariffs would affect the United States' top two trading partners.