U.S. President Donald Trump will impose 25% tariffs on Canadian and Mexican imports starting February 1st, aiming to curb illegal migration and fentanyl shipments. Trump confirmed his decision to tax imports from Canada and Mexico but has not decided whether to include oil.
Speaking from the Oval Office, he emphasized that these measures address border security concerns and trade imbalances. He also hinted at additional tariffs on China due to its role in the fentanyl crisis.
“We may or may not. We’re going to make that determination probably tonight,” Trump stated. He further stated that they would decide about tariffs on Canadian and Mexican imports based on the price and whether the countries treat the U.S. fairly. His administration set a Saturday deadline to implement the tariffs, signaling a shift in trade policy toward North America.
Trump also revisited his earlier stance on China, announcing potential new tariffs. “With China I’m also thinking about something because they’re sending fentanyl into our country and because of that they’re causing us hundreds of thousands of deaths,” he stated.
President Trump threatened a 10% duty on all Chinese imports but has yet to finalize details. During his first term, Trump imposed tariffs on goods worth $370 billion, contributing to a slowdown in U.S. imports from China.
In response, Chinese Vice Premier Ding Xuexiang recently urged a win-win trade solution that avoids direct criticism of the U.S. Canada and Mexico have warned of countermeasures if the U.SU.S. moves forward with tariffs.
Analysts caution that taxing oil imports could increase fuel and consumer prices, potentially affecting American households. Nearly 40% of crude processed in U.S. refineries comes from Canada, making energy tariffs a crucial issue. The Canadian and Mexican governments have not issued formal statements regarding Trump’s latest remarks.
