Donald Trump says tariffs on Canada and Mexico | Australian Markets
Donald Trump has vowed to go forward with imposing tariffs on close neighbours Canada and Mexico, reiterating his grievance that the US had been “taken advantage of” by overseas nations.
On February 1, he signed government orders to introduce 25 per cent tariffs on merchandise from each nations, plus a 10 per cent tariff on power from Canada.
After a large outcry, two days later he granted a month-long pause in imposing them after Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum promised to step up border security.
However that reprieve is because of finish within days and Mr Trump has now confirmed during a White Home briefing with reporters that they are going to proceed.
“The tariffs are going forward on time, on schedule. This is an abuse that took place for many, many years. The tariffs will go forward, yes, and we’re going to make up a lot of territory,” he stated at a joint press convention with French President Emmanuel Macron.
“The tariffs are going forward on time, on schedule.”
The pause is anticipated to be lifted round March 4.
“Our country will be extremely liquid and rich again,” Mr Trump stated.
Canada has warned it’s going to retaliate if tariffs are imposed.
Individually, Mr Trump has signed an order to impose reciprocal tariffs on each nation that taxes or prices a tariff on the US and tariffs on sure industries together with metal and aluminium.
The president stated that below the reciprocal tariff plan, the US will deal with different nations’ non-tariff insurance policies as unfair trade practices that warrant tariffs in response.
These embrace value-added taxes, or VATs, and different practices that the workplace of the US trade consultant deems to be unfair trade limitations.
Mr Trump additionally stated that overseas nations won’t be allowed to ship merchandise or different gadgets to the US via one other nation.
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