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Donald Trump has threatened new tariffs on products from China, Canada and Mexico on his first day in office.
The president-elect, who takes office on January 20, 2025 said he will introduce 25% tariff on all products from Canada and Mexico. Posting on his Truth social platform, he also threatened an additional 10% tariff on goods from China.
Trump said the measures will remain in place until the “invasion” of undocumented migrants and drugs came to an end.
“Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem”, Trump said. “We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!”
The US is the largest importer of goods worldwide and Canada, China and Mexico are its top three suppliers.
After issuing his tariff threat, Mr. Trump spoke with Canadian Prime Minister Justin Trudeau and they were said to have discussed trade and border security, said a Canadian source.
“It was a good discussion and they will stay in touch”, said the source.
In response to the threatened tariffs, Canadian Deputy Prime Minister and Minister of Finance Chrystia Freeland said Canada and US had one of the “strongest and closest relationships – particularly when it comes to trade and border security.”
“Canada places the highest priority on border security and the integrity of our shared border”, reads the statement. “Our relationship today is blessed and mutually beneficial, particularly for American workers. Today, Canada buys more from the United States than China, Japan, France, and the UK combined.”
Also, China’s embassy in Washington, DC, said that no one would win a trade war between both sides. Liu Pengyu, a Chinese embassy spokesperson said, “China believes that China-US economy and trade coroperation is mutually beneficial in nature. No one will win a trade war or a tariff war.”
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