Trump Slaps Tariffs on Canada, Mexico, China
By Kasim Isa Muhammad
Kanempress News
4th March 2024
President Donald Trump has announced that 25% tariffs will be imposed on goods imported from Canada and Mexico, with the new measures set to take effect immediately. This move follows weeks of threats and marks a significant escalation in US trade tensions with its top three trading partners. Trump also confirmed a 10% tariff on Chinese imports, further raising trade barriers.
The announcement sent shockwaves through US stock markets, with the Dow Jones, S&P 500, and Nasdaq all falling sharply. In response, both Canada and Mexico vowed to retaliate with their own tariffs on US goods, while China threatened to target US agricultural products.
The tariffs are part of Trump’s broader strategy to address trade imbalances, particularly in manufacturing and steel. He argues that the measures will protect American jobs and industries, despite concerns that they may harm the US economy.
Canada and Mexico had been negotiating to avoid the tariffs, but Trump insisted the time for talks had passed. Additionally, a 25% tariff on steel and aluminum imports is expected to begin on March 12, further increasing tensions with US trade allies.
