Official announcements from the US government or executive orders issued on January 20, 2025

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

Nov 26, 2024, 11:37 AM

President-elect Donald Trump has announced plans to impose sweeping tariffs on imports from Mexico, Canada, and China on his first day in office. The proposed tariffs include a 25% rate on goods from Mexico and Canada, and a 10% rate on goods from China. These measures are part of Trump's strategy to address illegal immigration and the fentanyl crisis, accusing Mexico and Canada of facilitating these issues. The announcement has led to a 1.4% drop in the value of the Mexican peso against the dollar, while the Canadian dollar lost 1%. Trump's tariffs are also intended to push these countries to buy American products, driving U.S. manufacturing growth and securing American jobs under the Trump Reciprocal Trade Act.