Trump's 25% Tariffs on Mexico, Canada, and China Spark Trade Tensions

Nov 26, 2024, 03:44 PM

President-elect Donald Trump has announced plans to impose sweeping new tariffs of 25% on Mexico, Canada, and China as soon as he takes office on January 20. These tariffs are aimed at addressing illegal immigration and the fentanyl trade. Trump's tariff threats have caused a stir in international trade relations, with Canada's Prime Minister Justin Trudeau describing his call with Trump as 'good' and Mexico's President Claudia Sheinbaum also reaching out to discuss the issue. China has warned that no one will win a trade war, while Mexico has indicated it might retaliate with its own tariffs. The U.S. dollar rose in response to these announcements, reflecting investor concerns about potential trade spats.