U.S. President Donald Trump announced plans to introduce 25% tariffs on products from Canada and Mexico, potentially starting in February.
The announcement came just hours after Trump assumed office on Monday. While signing a series of executive orders at the White House, Trump stated, “We’re considering 25% on Mexico and Canada because they’re allowing large numbers of people to come in.” He added, “I think we’ll do it February 1.”
Earlier reports on Monday suggested that Trump did not intend to impose tariffs on key trading partners like Canada, Mexico, or China. Instead, he planned to direct officials to evaluate trade relations with China and its North American neighbours according to the Wall Street Journal, which cited a summary of a planned memorandum and insights from Trump’s advisers.
However, following his election victory in November, Trump had warned of imposing tariffs on goods from Canada, Mexico, and China. Concerns are also growing within the European Union about the possibility of new tariffs under the Trump administration.
Tariffs, a type of surcharge on imported goods, are collected as goods enter the country. During his first term (2017–2021), Trump implemented various tariffs on imported products.
