U.S. tariffs take effect: Canada, Mexico and China ready to retaliate
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During a press conference on Monday, March 3rd, U.S. President Donald Trump confirmed the implementation of new tariffs, which will reach 25% on products imported from Canada and Mexico, in addition to a 10% surcharge on Canadian energy resources imports. For China, however, there is a doubling of the 10% tariff, reaching a total tax rate of 20% on imported goods, such as laptops, smartphones, videogame consoles, and smartwatches.
Canada, Mexico, and China have announced new customs duties on U.S. products. These measures could disrupt the $2.2 trillion U.S. trade volume; during his first term, Trump’s trade wars already cost American farmers approximately $27 billion.
Canadian PM Justin Trudeau has already confirmed the imposition of new tariffs, which will rise to 25%, on U.S. goods if the Trump administration doesn't back down on its trade policies.
Chinese Minister of Commerce Wang Wentao stated that the current U.S. trade policy is in stark contrast to World Trade Organization (WTO) rules and announced that, starting Monday, March 10, an additional package of 15% and 10% tariffs on certain U.S. imported products would go into effect, though goods already in transit will be exempt until April 12.
Canada, Mexico, and China have announced new customs duties on U.S. products. These measures could disrupt the $2.2 trillion U.S. trade volume; during his first term, Trump’s trade wars already cost American farmers approximately $27 billion.
Canadian PM Justin Trudeau has already confirmed the imposition of new tariffs, which will rise to 25%, on U.S. goods if the Trump administration doesn't back down on its trade policies.
Chinese Minister of Commerce Wang Wentao stated that the current U.S. trade policy is in stark contrast to World Trade Organization (WTO) rules and announced that, starting Monday, March 10, an additional package of 15% and 10% tariffs on certain U.S. imported products would go into effect, though goods already in transit will be exempt until April 12.