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Trump to Impose 25% Tariffs on Mexico and Canada, 10% on China

Nov 26, 2024, 07:12 AM

President-elect Donald Trump has announced via Truth Social plans to impose sweeping new tariffs on imports from China, Mexico, and Canada on his first day in office. Trump stated he would introduce a 25% tariff on all products entering the United States from Mexico and Canada, and an additional 10% tariff on Chinese goods on top of existing tariffs, citing the need to combat illegal immigration and the flow of illegal drugs into the country. The Chinese Embassy in Washington responded by warning that 'no one will win a trade war,' and China's Ministry of Foreign Affairs said it would address the comments later. Investors are concerned about the potential volatility in global trade flows resulting from these proposed measures, marking Trump's first specific threats since his election victory on November 5.