According to US President Donald Trump, he plans to impose 25% tariffs on goods from Canada and Mexico as early as February.
He said this just a few hours after assuming the presidency of the United States on Monday.
Trump, while signing various orders shortly after his inauguration at the White House said, “We’re thinking in terms of 25 per cent on Mexico and Canada, because they’re allowing vast number of people to come in.”
“I think we’ll do it February 1,”Trump added, referring to the potential start date for the tariffs.
Trump did not plan to slap duties on trading partners such as China, Canada, and Mexico, according to reports earlier Monday.
According to the Wall Street Journal, which cited a draft of a proposed memo and Trump’s advisors, he instead intended to direct the authorities to evaluate trade relations with China and its neighbors on the continent of North America.
Trump, however, vowed to levy taxes on imports from China, Mexico, and Canada soon after winning the election in November.
The EU is also concerned that Trump would impose more levies.
According to reports, tariffs are a form of fee on imported goods.
When commodities arrive in the nation, they are compensated.
During his first term in office, which lasted from 2017 to 2021, Trump levied a variety of tariffs on imported items.
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