Over the weekend President Donald Trump made good on his promise to implement tariffs on Mexico, Canada and China.
"The extraordinary threat posed by illegal aliens and drugs, including deadly fentanyl, constitutes a national emergency under the International Emergency Economic Powers Act (IEEPA)," the White House released in a "fact check." "Until the crisis is alleviated, President Donald J. Trump is implementing a 25% additional tariff on imports from Canada and Mexico and a 10% additional tariff on imports from China. Energy resources from Canada will have a lower 10% tariff."
President Trump on tariffs: "We may have short term some, a little pain, and people understand that, but long term, the United States has been ripped off by virtually every country in the world...we've been helping everybody for years...I don't think they appreciate it." pic.twitter.com/yweQqL9w8i
— CSPAN (@cspan) February 3, 2025
"Canada has played a central role in these challenges, including by failing to devote sufficient attention and resources or meaningfully coordinate with United States law enforcement partners to effectively stem the tide of illicit drugs," the order Trump signed, states.
The tariffs are now in place, sending the stock and crypto markets into losses. Canada is retaliating.
#BREAKING: ONTARIO BANS U.S. FIRMS FROM GOVERNMENT CONTRACTS – CANCELS MUSK’S STARLINK DEAL!
— Polymarket Intel (@PolymarketIntel) February 3, 2025
Trump is standing firm and spoke to Canadian Prime Minister Justin Trudeau Monday morning. Another call is scheduled for Monday afternoon.
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