22.01.2025 10:51
U.S. President Donald Trump made the first move regarding the trade wars that swept the world during his previous term. Trump stated that he is considering imposing a 10% tariff on China starting from February 1. He also emphasized that additional tariffs could be applied against Canada and Mexico.
President Donald Trump in the U.S. stated that his team is discussing a 10% tariff on China, which could take effect as early as February 1.
Speaking to reporters at the White House, the President said, "We are talking about a 10% tariff on China based on the fact that they are sending fentanyl to Mexico and Canada," and added, "We are probably looking at February 1."
CANADA AND MEXICO WILL ALSO BE AFFECTED BY ADDITIONAL TAXES
Trump also mentioned that his team is discussing an "approximately 25%" tariff on Mexico and Canada. In a statement on Friday, Trump said he spoke on the phone with Chinese President Xi Jinping about fentanyl and trade. A statement from China indicated that Xi called for cooperation and noted that the economic relations between the two countries are mutually beneficial.
The Peterson Institute for International Economics, based in the U.S., stated in a report published on January 17, "If the U.S. imposes a 10% additional tariff on China and China retaliates in kind, the U.S. GDP will be $55 billion less and China's will be $128 billion less over the four years of the second Trump administration."