The Trump administration is set to impose a 25% tariff on imported goods from Canada and Mexico starting today, Tuesday (March 4). Additionally, an extra 10% tariff will be imposed on products imported from China. U.S. President Donald Trump has stated that time has run out for neighboring countries Mexico and Canada to reach an agreement with Washington. Speaking at the White House on Monday, Trump said, “There are no more opportunities for Mexico or Canada. The tariff decision is completely finalized. It will take effect starting tomorrow.”
Trump further stated, “Honestly, what they need to do is build car factories and other industries in the United States. In that case, they won’t have to pay any tariffs.” According to a BBC report, Trump’s statement has created a situation resembling a trade war in North America. In response, China’s Ministry of Commerce has announced that it will take countermeasures against this decision. Meanwhile, Canada has declared on Monday that if the U.S. tariffs take effect, it will impose a 25% retaliatory tariff on American goods worth 155 billion Canadian dollars. However, Mexico has not yet made any decision on the matter.
Source: The Daily Ittefaq
