The president also suggested he still plans to impose new tariffs on China but did not give any details.

Summary

Trump announced that 25% tariffs on imports from Canada and Mexico will take effect on February 1, though a decision on including oil remains pending.

He justified the move by citing undocumented migration, fentanyl trafficking, and trade deficits.

Trump also hinted at new tariffs on China.

Canada and Mexico plan retaliatory measures while seeking to address U.S. concerns.

If oil imports are taxed, it could raise costs for businesses and consumers, potentially contradicting Trump’s pledge to reduce living expenses.

  • @tekatoEnglish
    4•4 hours ago

    I can’t believe some people think that putting tariffs on a country means the country will just give the government 25% of everything and the merchants of that country are not just going to raise the prices to match the new expenses(or maybe even a little bit more since they have a good excuse to change prices)

    I’m not sure anyone believes that. The point of tariffs is that merchants will have to increase prices to keep the same profit, causing people to purchase less of the product and look for cheaper alternatives (those without tariffs).