No Room Left… Tariffs All Set: Donald Trump Imposes 25% Duties on Mexico and Canada Starting Tomorrow, Markets Tumble- wna24
Trump Imposing Tariffs on Canada Mexico, Markets Stumble | Image:
Republic
Washington DC: US President Donald Trump is all set to impose the 25% import tariffs on Canada and Mexico from tomorrow; the duties have been locked and Trump is very sure of his decision. With the threat of a trade war looming over the heads of the United States after the imposition of the tariffs, the US markets have started to tumble.
Trump All Set to Impose 25% Tariffs on Canada, Mexico from Tomorrow
US President Donald Trump announced that a 25% tariff on goods from Mexico and Canada will be implemented starting Tuesday, i.e. March 4. Reiterating his decision to impose tariffs on Canada and Mexico as part of his ‘America First’ policy, Trump said, “There is no room left for Mexico or for Canada. The tariffs, you know, they’re all set. They go into effect tomorrow.”
The tariffs are set to go into effect at 12:01 a.m. EST (10:30 PM IST) on Tuesday, as confirmed by the Trump administration in notices published in the Federal Register. From that moment, the U.S. Customs and Border Protection agency will start imposing a 25% tariff on goods from Canada and Mexico, with a 10% duty specifically on Canadian energy products.
Also Read: Trump Says Mexico, Canada Tariffs to Go Live on March 4, Threatens Extra 10% on China
Trade War Likely in the US? Markets Tumble Ahead of Imposition of Tariffs on Canada, Mexico
The tariffs have not yet been imposed and they are already having an alarming effect on the US markets. The 25% import tariffs on Canada and Mexico are raising concerns about a potential trade war in North America, which in turn would cause turbulence in the financial markets. Trump’s statements on Monday about imposing duties in the two countries led to a significant drop in US stock prices during the afternoon session, while the Mexican peso and Canadian dollar both experienced declines.
‘We Will Make Our Own Decisions, There is A Plan’
Mexican President Claudia Sheinbaum stated that her government was awaiting to see if US President Donald Trump would follow through with his threat to impose a 25% tariff on Mexican imports. She mentioned that her Cabinet members responsible for security and trade have been in ongoing discussions with their US counterparts, and she indicated that there was still a chance she and Trump could have a conversation on Monday. Sheinbaum remarked on Monday, “The decision rests with the United States government, with the US President. Whatever his choice may be, we will make our own decisions, and there is a plan, there is unity in Mexico.” Later on Monday, Trump confirmed that the tariffs would take effect as soon as Tuesday.
Also Read: ‘Will Have an Immediate, Very Strong Response’: Canada PM Trudeau’s Warning to US Amid Tariff War with Trump
Canada’s Strong Response to US on Tariffs
Canada Prime Minister Justin Trudeau, a few days ago, had vowed to retaliate with an extremely strong response to the tariffs that would be imposed by the United States. In a statement, Trudeau had said, “We will continue to do that work and do everything necessary to avoid these tariffs coming in, but like I said, if on Tuesday there are unjustified tariffs brought in on Canada, we will have an immediate and extremely strong response, as Canadians expect.”