Trump's hefty tariffs
Trump: New tariffs for Canada, Mexico and China
Donald Trump has imposed punitive tariffs on Canada, Mexico and China, further straining trade relations. According to the new US president, the EU may also soon have to prepare for punitive tariffs. Neighbors of the USA have already announced countermeasures. China even wants to file a lawsuit. Trump remains firm and threatens: the tariffs could still be increased or extended.
As the White House announced on X on Saturday, the tariff rate for products from neighboring countries Canada and Mexico is up to 25 percent, and ten percent for Canadian crude oil. A tariff of ten percent also applies to products from China. Canada, for its part, now wants to introduce tariffs of 25 percent on US goods. China and Mexico have also announced "countermeasures".
US trade deficit as the main reason?
The new US tariffs are due to come into force next Tuesday. Trump had already threatened the tariffs during the election campaign, citing the US trade deficit as one of the reasons. The US President has also held out the prospect of measures against the European Union - for example on steel, aluminum, copper and medicines - which he intends to decide on at a later date.
National state of emergency declared
To enforce the tariffs, Trump has declared a national emergency under the International Emergency Economic Powers Act, which grants him far-reaching powers to combat crises. According to Trump, the tariffs are intended to stop the smuggling of the drug fentanyl into the USA and the influx of illegal migrants.
The White House announced that there would be no exemptions from the tariffs. In the case of Canada, for example, small shipments with a value of less than 800 dollars would no longer be duty-free.
Canada responds with counter-tariffs
Canada will impose tariffs of 25 percent on US goods worth 155 billion Canadian dollars. Prime Minister Justin Trudeau announced that tariffs on goods worth 30 billion dollars will apply from Tuesday, with the rest to follow in 21 days. Trudeau called on Canadians to buy domestic products and spend their vacations in Canada. Further measures, such as for minerals and energy, are being examined. Canada would also like to cooperate with Mexico.
China wants to file a complaint with the World Trade Organization
In response to the announced US tariffs on Chinese goods, Beijing announced "appropriate countermeasures" and a complaint to the WTO to protect China's interests. It remains unclear whether these measures include counter-tariffs. The Chinese Foreign Ministry also rejected Trump's justification for the tariffs and emphasized the successful cooperation with the US in the fight against drugs such as fentanyl.
Taxes could still be increased
Mexican countermeasures were also announced. Up to now, the USMCA free trade agreement between the USA, Mexico and Canada meant that hardly any surcharges were due on the exchange of goods between these countries. Explosive: Trump could still increase or extend the tariffs - should the countries react with retaliatory measures.
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