Official announcement from the US Department of Commerce or US Customs and Border Protection

Trump Pledges 25% Tariffs on Mexico, Canada; 10% on China Before Inauguration, Unsettling Markets

Nov 26, 2024, 06:42 AM

President-elect Donald Trump has vowed to impose sweeping new tariffs on imports from Mexico, Canada, and China upon taking office. In statements made on social media platform Truth Social before his inauguration, Trump pledged a 25% tariff on all goods from Mexico and Canada, citing concerns over illegal immigration and drug trafficking across U.S. borders. He also signaled plans to levy an additional 10% tariff on Chinese imports, referring to China as 'drug-pushing' and aiming to address trade imbalances. This marks Trump's first specific threat to curb global trade flows since winning the November 5 election. The announcement has unsettled investors and stirred market volatility as businesses brace for potential impacts on international trade relations. The Republican has vowed to tighten border security in his second term.