Trump plans new tariffs on Mexico, Canada and China on Saturday

Trump plans new tariffs on Mexico, Canada and China on Saturday

President Donald Trump will introduce aggressive new tariffs on Canada, Mexico and China on Saturday, according to the White House. In doing so, he sticks to his period of February 1, which could have far -reaching effects on the economy.

new tariffs and their effects

Weiße-Haus spokeswoman Karoline Leavitt confirmed during a press conference on Friday: "I can confirm that the deadline set by President Trump on February 1st still applies." Canadian officials will meet on Friday with the border officer of the White House, Tom Homan, to achieve a deal that could possibly avert the proposed tariffs.

reactions from Canada and Mexico

When asked whether Canada, Mexico and China can do something to prevent tariffs, Trump replied in the Oval Office: "No." The confirmation of the new tariffs by the White House indicates that the president will promise to introduce these tariffs as a candidate. Leavitt said the tariffs were 25 % on goods from Mexico and Canada and 10 % on goods from China that illegally import fentanyl into the USA and thus endanger the lives of millions of Americans.

strategy for returning industries

Trump also announced that she wanted to raise tariffs on medicinal products, which is part of a more comprehensive strategy to revive the US industries. "We will build a customs wall to bring medication back to America," said Trump. Ultimately, these tariffs are supposed to put pressure on the largest trading partners in the United States and bring them to the negotiating table. However, this approach carries the risk that American consumers and the economy could suffer.

economic consequences of tariffs

economists warn that significant tariffs could heat inflation because the tax is paid by the importers and they typically convert the costs to consumers. According to the Peterson Institute for International Economics, Trump's aggressive customs course could force American consumers to pay more for a variety of products, from imported sneakers to food. According to estimates, the proposed tariffs could increase the tax load by $ 272 billion a year and cost a concise for an average US budget over $ 2,600.

political reactions and preparations

The reactions to the planned tariffs were mixed. Mexico's President Claudia Sheinbaum said that her country was prepared for this and has several plans to react to possible US measures. Meanwhile, Canada's Prime Minister Justin Trudeau was concerned about the tariffs and emphasized that Canada was prepared for the situation and that an immediate, powerful answer is available.

a risky game

The new tariffs that are expected on Saturday are said to affect a much wider range of goods than those that were introduced during Trump's first term. It is estimated that the value of the imports concerned would amount to about $ 1.4 trillion, which underlines aggressiveness and the risk of the planned tariffs. Economists warn that the White House plays with a fire and that consumers have to expect higher prices for everyday goods.

stay tuned for current developments while the situation continues to develop.