We spoke with economists and analysts about what to expect from Trump’s tariffs on Canada and Mexico as well as increased tariffs on China.
President Donald Trump’s tariffs on Canada and Mexico went into effect March 4, in addition to a doubling of the 10 percent universal tariff on imports from China to 20 percent.
Trump confirmed in a Truth Social post on Feb. 27 that the plan would move forward, pointing toward illicit drugs such as fentanyl being smuggled into the United States from neighboring countries. He said the tariffs will be in place until these countries take major steps to prevent trafficking.
“We cannot allow this scourge to continue to harm the USA, and therefore, until it stops, or is seriously limited, the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled,” Trump wrote.
Trump agreed in early February to delay the tariffs for 30 days after Canada and Mexico took measures to better secure their borders with the United States. Canada established a fentanyl czar, while Mexico deployed 10,000 National Guard members to its northern border.
The U.S. president has imposed a 25 percent tariff on Canada and Mexico, except for oil and electricity from Canada, which will see a 10 percent tariff.
While Mexican President Claudia Sheinbaum plans to unveil a plan on March 11, Canada has already responded.
“Should American tariffs come into effect tonight, Canada will, effective 12:01 a.m. EST tomorrow, respond with 25 per cent tariffs against $155 billion of American goods—starting with tariffs on $30 billion worth of goods immediately, and tariffs on the remaining $125 billion on American products in 21 days’ time,” Prime Minister Justin Trudeau said in a statement on March 3.
The prime minister said tariffs will remain until the United States withdraws its tariffs.
“While we urge the U.S. administration to reconsider their tariffs, Canada remains firm in standing up for our economy, our jobs, our workers, and for a fair deal,” he stated.
The Epoch Times spoke with numerous experts about the tariffs’ implications for consumers.
