President Donald Trump will impose 25% tariffs on imports from Canada and Mexico on Saturday, following through on a controversial move he says is aimed at pressuring the two neighboring countries to halt the flow of migrants and fentanyl across their borders.
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Trump will also impose an additional 10% tariff on goods from China, White House press secretary Karoline Leavitt confirmed at a Friday press briefing. She said the new tariffs on imports from all three nations will go into effect Saturday.
“These are promises made and promises kept by the president,” Leavitt said. “Those tariffs will be for public consumption in about 24 hours tomorrow, so you can read them then.”
Leavitt did not say whether the tariffs could include exemptions for oil imports ‒ a carve-out that Trump on Thursday said he was considering. Leavitt said the new tariff on China, on top of existing tariffs, is “for the illegal fentanyl that they have sourced and allowed to distribute into our country.”
Economists warn tariffs, which are taxes on foreign imports, can lead to higher prices for consumers. Trump campaigned on promising to bring down inflation. But one week into his second term, Trump has shown he plans to use tariffs ‒ a hallmark of his first term ‒ as a tool to achieve both his foreign policy aims and domestic agenda.
Economists warn tariffs, which are taxes on foreign imports, can lead to higher prices for consumers. Trump campaigned on promising to bring down inflation. But one week into his second term, Trump has shown he plans to use tariffs ‒ a hallmark of his first term ‒ as a tool to achieve both his foreign policy aims and domestic agenda.
Because more than 75% of Canada’s goods and service exports go to the United States, Trudeau said the tariffs could have significant repercussions on the Canadian economy.
“I won’t sugarcoat it ‒ our nation could be facing difficult times in the coming days and weeks,” Trudeau said.
Trump threatened the tariffs on Canada, Mexico and Canada shortly after he won the November election but did not impose the tariffs on the first day in office as he originally pledged.
Earlier this week, Trump announced plans to impose sweeping tariffs on all steel, aluminum and copper imported to the U.S. as well as goods such as computer chips, semiconductors and pharmaceuticals in a push to increase U.S. production of the products.
“It’s time for the United States to return to the system that made us richer and more powerful than ever before,” Trump said Monday at a retreat for Republican lawmakers at the Trump National Doral hotel and golf club in Miami. He compared his approach to stiff tariffs pushed more than a century ago by former President William McKinley in the late 1890s.
“We have to bring production back to our country,” Trump said.
Trump said he hasn’t settled on a figure for the tariffs on the metals and other goods.
Meanwhile, Trump has also signaled he still plans to pursue a baseline universal tariff for all imports ‒ something he talked about during the 2024 presidential campaign. Trump’s treasury secretary, Scott Bessant, is pushing a universal 2.5% universal tariff, the Financial Times reported, that could eventually reach the 20% tariffs Trump pledged on the campaign trail. But Trump said he wants a a universal tariff rate to be “much bigger” than 2.5%.
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