Trump imposed tariffs on goods from Canada and Mexico.
U.S. President Donald Trump has announced that he will follow through on his threat to impose a 25% tariff on imports from Canada and Mexico starting this Saturday, February 1. He cited the influx of fentanyl and a significant trade deficit as the reasons for his decision. This information was reported by Bloomberg, as conveyed by UNN.
Details
According to Donald Trump, the introduction of tariffs on goods imported from Canada and Mexico is based on several factors: the first is the migrants who illegally enter and remain in the country, the second is drugs, and the third is the enormous subsidies that the U.S. provides to Canada and Mexico "in the form of a deficit."
Trump added that the level of tariffs "may increase over time, or it may not." Furthermore, he stated that a decision regarding whether tariffs will apply to Canadian oil imports will be made later this evening, noting that this decision will depend on oil prices.
It is noted that following the U.S. president's comments, futures for West Texas Intermediate crude oil rose above $73 per barrel. Meanwhile, the U.S. dollar also climbed to a daily high, while the Canadian dollar fell.
Reminder
According to White House spokesperson Carolina Livitt, February 1 remains the final deadline for implementing the 25% tariffs if Canada and Mexico do not take measures to reduce the flow of illegal migrants and drugs, particularly fentanyl, into the U.S.