President Trump said today that he would impose a 25 percent fee on all goods imported into the U.S. from Mexico and Canada, along with an additional 10 percent levy atop existing fees on goods from China. The tariffs, which are set to take effect at midnight and target America’s three largest trading partners, would be Trump’s most wide-reaching trade action to date.
The president has threatened the same levies against Mexico and Canada before, only to delay them after the countries promised to crack down on immigration and drug trafficking — his stated goal. But during a White House news conference today, Trump insisted that there was no chance for a last-minute deal to avert the measures.
“The tariffs, you know, they’re all set,” he said. “They go into effect tomorrow.”
The new import fees will have significant consequences for companies that rely on international supply chains, and are also likely to result in higher costs for American consumers. Carmakers like Nissan could be hit particularly hard. Toymakers, too, are bracing for financial troubles.
Trump said he would continue to negotiate with the president of Mexico, where there has been a sharp drop in the number of people trying to cross the border into the U.S. In contrast, the president has expressed a special brand of loathing for Canada, where the economy is expected to suffer a brutal blow under the new tariffs.
For more: Stocks sank after Trump’s comments on tariffs.
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