President Trump will enact 25% tariffs on imports from Mexico and Canada starting Feb. 1, as well as a 10% tariff on imports from China, according to White House spokeswoman Karoline Leavitt.
“The president will be implementing tomorrow 25% tariffs on Mexico, 25% tariffs on Canada and a 10% tariff on China, for the illegal fentanyl they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans,” Leavitt said at a White House briefing on Friday.
Mr. Trump has said he’s specifically targeting Canada and Mexico — the nation’s biggest trading partners — along with China, with tariffs to compel them to halt the flow of undocumented immigrants and illicit drugs into the U.S. The president has also said tariffs will generate money for the federal government, although the import duties are paid by U.S. importers — companies such as Walmart or Target — and typically passed onto American consumers.
Asked whether Mr. Trump’s new tariffs on Mexico, Canada and China would include any exemptions, Leavitt said she didn’t have information about that issue.
Mr. Trump’s goals include narrowing the trade surplus between those nations and the U.S.
The U.S. trade deficit with Canada has surged from $31 billion in 2019 to $72 billion in 2023, largely reflecting growing American imports of Canadian energy. Over that same period, the gap with Mexico has grown from $106 billion in 2019 to $161 billion as the U.S. curtails imports from China and brings more electronic items, shoes and other products from south of the border.
Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.
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