President Donald Trump said Friday that he will impose 25% tariffs on the products of Mexico and Canada and 10% to China imports, and that none of the three countries could do anything to avoid them.
However, Trump mentioned a possible exception for Canada’s oil, indicating that the rate would be 10% instead of 25% planned for other products from the neighbor of the northern US but also noted that wider tariffs would be applied and natural gas in mid -February, statements that raised crude oil prices.
Trump has been threatening with these tariffs for weeks, stating that they would be imposed on February 1 and would remain in force until countries made more to stop the flow of migrants and fentanyl through the US border.
When talking with journalists at the Oval office while signing executive orders, Trump said he understood that tariffs could result in an increase in costs for consumers and acknowledged that their actions could cause short -term disruptions. Most economists believe that such broad import taxes, and probable reprisals would disturb economic activity globally.
Lee: Trump announces tariffs to oil and gas from Mexico and Canada as of February 18
When asked if at this point there was any opportunity for the three main business partners of the USA to achieve a delay in the application of tariffs, Trump replied: “No, no. Not at this time, no. ”
He ruled out the idea that his tariff threats were a negotiation tool. “No, it is not (…) we have large commercial deficits, as you know, with the three countries.”
“It’s something we are doing, and we may increase substantially, or not, we’ll see how it results,” Trump said. “But it is a lot of money that will arrive in the United States.”
And more tariffs will come, said the Republican President, adding that taxes were being considered to imports from European products, as well as steel, aluminum and copper, in addition to medications and semiconductors.
“We are going to impose tariffs on steel and aluminum, and eventually copper. The copper will take a little more time, ”he said.
Financial markets have been shaken by these developments on Trump’s tariff plans, which are not yet completely clear, showing particular volatility in currency trade. The Canadian dollar and the Mexican peso weakened, while the yields of the treasure bonds rose and the shares closed the day down.
Lee: Tariffs to Mexico and Canada of 25% from February 1, says the White House
Even so, Trump said he was not worried about the reaction of financial markets before his plan to impose tariffs.
Reuters previously cited familiar sources with deliberations about tariffs, who said Trump would announce tariffs on Canadian and Mexican imports on Saturday, but delayed the collection of rights until March 1 and offered a limited process for exemptions in certain products.
However, the White House spokeswoman said there would be no delay in implementation.
“The president will implement 25% tariffs to Mexico, 25% tariffs to Canada and a 10% tariff to China for illegal fentanyl that they have obtained and allowed to distribute in our country, which has killed dozens of millions of Americans ”Said Karoline Leavitt at a press conference at the White House.
When Trump imposed punitive tariffs on Chinese products in 2018 and 2019, there was a delay of two to three weeks for the Office of Customs and Border Protection to begin to collect tariffs, due to the notices required for importers.
With Reuters information
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