President Trump’s 25% tariffs on imports from Canada and Mexico, along with a 20% tariff on Chinese goods, are now in effect. These actions aim to address concerns regarding opioid imports, but may disrupt over $2.2 trillion in trade. Canada and Mexico are poised to retaliate, indicating escalating trade tensions with significant implications.

On Tuesday, President Donald Trump implemented a new 25% tariff on imports from Canada and Mexico, alongside a doubling of tariffs on Chinese goods to 20%. According to reports from Reuters, these measures could disrupt approximately $2.2 trillion in annual U.S. trade.

Trump’s assertion was that these countries had not done enough to combat the influx of fentanyl and its precursor chemicals into the United States. Following the imposition of these tariffs, China responded promptly by announcing new tariffs of 10-15% on specific U.S. imports effective March 10, as well as additional export restrictions targeting designated U.S. entities.

For Canada and Mexico, both nations, which have maintained a nearly tariff-free trading relationship with the U.S. for three decades, prepared to retaliate. Canadian Prime Minister Justin Trudeau indicated that Canada would impose immediate 25% tariffs on C$30 billion (approximately $20.7 billion) worth of U.S. imports, with an expected additional C$125 billion ($86.2 billion) if the tariffs remain in place after 21 days.

Mexican President Claudia Sheinbaum was projected to announce her country’s response during a morning news conference in Mexico City, as reported by the economy ministry. Both nations are set to defend their economic interests vigorously in light of Trump’s recent trade actions.

In summary, the recent tariffs imposed by President Trump on imports from Canada, Mexico, and China have significant implications for international trade. The reactions from Canada and Mexico indicate a readiness to retaliate, while China’s immediate countermeasures signal a potential escalation in trade tensions. As these dynamics unfold, the impact on the U.S. economy, as well as its trade relationships, warrants close observation.

Original Source: armenpress.am

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