Economic analysis reports from major financial institutions or government agencies

Trump to Impose 25% Tariffs on Mexico, Canada Until Border Issues Resolved; Adds 10% Tariff on China Over Fentanyl

Nov 26, 2024, 12:06 AM

President-elect Donald Trump announced that on January 20th, as one of his first executive orders, he will impose a 25% tariff on all products imported from Mexico and Canada until the flow of illegal immigrants and drugs into the United States ceases. He also stated that the U.S. will impose an additional 10% tariff on Chinese goods, citing China's failure to stop the influx of fentanyl into the country. These tariffs are in addition to any existing levies and will remain in effect until the issues are resolved. This move signifies a significant escalation in trade tensions with key U.S. trading partners and could have substantial economic implications.