President Donald Trump plans to implement tariffs on Canada and Mexico starting Tuesday, while also doubling the current 10% tariff on imports from China.
In a Truth Social post on Thursday, Trump alleged that illicit drugs, including fentanyl, are entering the U.S. at “unacceptable levels.” He argued that the new tariffs would pressure other nations to combat drug trafficking.
“We cannot let this crisis continue to harm the USA. Until it is stopped or significantly curtailed, the TARIFFS scheduled for MARCH FOURTH will take effect as planned,” Trump stated. “China will also be subject to an additional 10% tariff starting that same day.”
These upcoming tariff hikes have sparked concerns in the global economy, with worries over rising inflation and potential damage to industries such as the auto sector and domestic manufacturing. Trump, however, has previously postponed such actions, granting a 30-day delay on the tariffs for Canada and Mexico, originally set for February.
When asked Thursday about the impact tariffs may have on consumers and importers, Trump dismissed these concerns, calling it “a myth.” While a stronger U.S. dollar could alleviate some tariff costs, his statement conflicts with most economic forecasts, which suggest significant effects from the proposed tariffs.
WRITTEN BY : MR KENDRICK
