U.S. President Donald Trump announced that he will follow through on his threat to impose a 25% tariff on imports from Canada, Mexico, and China starting February 1, citing the influx of fentanyl and a significant trade deficit as reasons for his decision, according to Bloomberg.
"We will announce tariffs on Canada and Mexico for several reasons," Trump told reporters on Thursday.
He pointed out that there are multiple reasons for imposing tariffs on goods from Canada and Mexico: the first is the migrants who enter and remain in the country illegally, 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."
According to him, the increase in tariffs by 25% could be minimal, stating that their level "may increase, or it may not increase over time."
At the same time, he suggested that he is still considering exempting one significant import from the tariff—oil. Trump mentioned that he would make a decision by Thursday evening based on oil prices.
The U.S. President also noted that he will continue to impose tariffs on goods from China. He did not specify the tariff rate, although he had previously stated it would be 10%. Trump asserted that Beijing has not fulfilled its promise to prevent fentanyl and chemicals used to produce lethal drugs from entering the U.S.
Source: https://www.bloomberg.com/news/articles/2025-01-30/trump-says-he-ll-hit-canada-mexico-with-25-tariffs-on-saturday?fbclid=IwY2xjawII8ERleHRuA2FlbQIxMAABHRcNWM02KYq3yJlljNVgO3RtlbLPeLPqTP48Bw1z-Eni6xCNRZ4uxbdz5w_aem_1ys0Ij0HhtXF4a0pE3kZrA