U.S. President Donald Trump makes an announcement about an investment from Taiwan Semiconductor Manufacturing Company (TSMC), in the Roosevelt Room at the White House in Washington, D.C., U.S., March 3, 2025.
Leah Millis | Reuters
President Donald Trump said that the U.S. will impose 25% tariffs on Canada and Mexico on Tuesday, scrapping hopes of a last-minute deal that would avoid stoking a trade war with America’s top trading partners.
Trump, speaking at the White House on Monday afternoon, said there was no room left to negotiate with the two U.S. allies.
“They’re all set. They go into effect tomorrow,” he said.
Stocks, already trading in the red, sank further following Trump’s comments.
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