President Donald Trump’s promised tariffs on Canada and Mexico have hit after the administration determines they did nothing of significance to ward off the tariffs. Canada has responded with its own 25% tariff, which has triggered another counter-tariff from Trump.
China has announced its own counter-tariffs, which includes 15% tariffs on U.S. farm products like chicken and pork. The CEO of Target is warning Americans the tariff escalation will cause prices to rise “within days.”
Trade wars intensify as US tariffs on Canada, Mexico and China take force– www.channelnewsasia.com
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WASHINGTON: Mounting trade wars between the United States and its largest economic partners deepened on Tuesday (Mar 4) as US tariffs on Canada, Mexico and China kicked in, sparking swift retaliation from Beijing and Ottawa.
Stinging US tariffs on Canadian and Mexican goods came into effect as a deadline to avert President Donald Trump’s levies passed without the nations striking a deal – a move set to snarl supply chains.
Trade war fears sent markets falling in Asia and Europe on Tuesday in response to what analysts said were its steepest tariffs on imports since the 1940s.
Trump had announced – and then paused – the blanket 25 per cent tariffs on imports from major trading partners Canada and Mexico in February, accusing them of failing to stop illegal immigration and drug trafficking.
In pushing ahead with the duties, Trump cited a lack of progress in tackling the flow of drugs like fentanyl into the United States.
The duties stand to impact over US$918 billion worth of US imports from both countries.