President Donald Trump has announced that he’s imposing a tariff on goods from some of the US’s biggest trade partners: Canada, Mexico, and China. Under the executive orders signed on February 1st, Canada and Mexico will face a 25 percent tariff, while goods from China will be subject to a 10 percent tax. Energy resources from Canada will also have a lower 10 percent tariff.
Trump positioned the tariffs as a way to “halt the flood of poisonous drugs into the United States,” referring to fentanyl. The change will have a big impact on the cost of a wide variety of goods imported from each country, including electronics, produce, clothing, and much more.
Though Trump previously said the tariffs will “enrich” citizens, consumers are expected to bear the brunt of the fees as they typically lead to higher prices. Here’s all the latest news on Trump’s tariffs.
- Trump imposes sweeping tariffs on Canada, Mexico, and China
- Canadian officials have reportedly been notified of tariffs.
- Trump says he’ll put tariffs on imported chips ‘in the near future’
