Trump announces 25% duty on imports from Mexico and Canada starting February 1

US President Donald Trump has announced the possibility of imposing 25% duties on imports from Mexico and Canada as early as February 1, which could cause significant changes in the global economy.

Trump made the announcement during a briefing in the Oval Office, UNN reports with reference to the Financial Times.

Details

He said that such measures are designed to strengthen the US economy. His words had an immediate effect: the currencies of Canada and Mexico began to fall, and US stock futures declined.

In addition, the 47th President of the United States threatened to impose a 100% tariff on Chinese imports if Beijing does not agree to transfer at least 50% of the TikTok app to an American company. Trump also set conditions for the European Union: either they will buy more American oil or face tariffs on European goods.

A New Deal and a Golden EraTrump, after his inaugural speech, promised to end America's “decline” and begin a new “golden era.

Trade policy as a tool of influenceTrump has called tariffs the main tool of his international economic policy, saying that they are necessary to increase US revenues.

We will no longer tax our citizens to enrich other countries. We will tax other countries to ensure the welfare of our citizens

Among other economic initiatives, he is considering the possibility of introducing a universal tariff on all imports, which he actively promoted during his election campaign.

Recall

Canada has developed an initial list of C$150 billion worth of U.S. goods ($105 billion) that would be subject to tariffs if U.S. President-elect Donald Trump imposes tariffs on Canadian goods.

At the same time, Mexican President Claudia Sheinbaum announced a plan to increase domestic production and reduce imports.