Update:
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.
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
Original Story
President Donald Trump said his 25% tariffs on Canada and Mexico are coming on Saturday. He might tax their oil.
Trump said his decision would be based on whether the price of oil charged by the two trading partners is fair, although the basis of his threatened tariffs pertains to stopping illegal immigration and the smuggling of chemicals used for fentanyl.
“As far as I know, they are acting swiftly, and if they execute it, there will be no tariff,” Howard Lutnick said on Wednesday during a confirmation hearing before senators.
Lutnick, the billionaire chief executive of financial firm Cantor Fitzgerald, said other levies on Canada are to be decided by the end of March or in April, once a review of US trade relationships commissioned by Trump is complete.
He also said he preferred to assess tariffs “country-by-country” rather than by product.
“We are treated horribly by the global trade environment; everybody has higher tariffs, non-tariff trade barriers, and subsidies,” he said.
“We can use tariffs to create reciprocity, fairness, and respect.”
In December, Canada promised to implement a $1.3bn ($900m; £700m) set of new security measures along the country’s US border.
Weeks after his election victory last November, Trump announced on his own social network that upon his return to office, he would “sign all necessary documents” to impose a 25% tariff on Mexico and Canada. Mexico must stop “illegal aliens” from crossing its border with the US, he said, and Canada must halt the flow of drugs like fentanyl. “Until such time that they do, it is time for them to pay a very big price!”
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