Mr. Trump announced a 25% tax on goods from Canada and Mexico and a 10% tax on goods from China.

President-elect Donald Trump has pledged to impose a 25% tariff on all products from Mexico and Canada starting his first day in office, and a 10% tariff on goods from China.

President-elect Donald Trump - Photo: REUTERS

Explaining this statement, President-elect Donald Trump said he imposed higher tariffs on imported products from Mexico, Canada, and China due to illegal immigration and drug trafficking.

"As one of my first executive orders, on January 20th I will sign all the necessary documents to impose a 25% tariff on all Mexican and Canadian products imported into the United States," Trump said in a post on Truth Social on November 25th (local time).

The president-elect stated that the aforementioned tariffs would remain in place until the two countries crack down on the illicit trafficking of narcotics, particularly fentanyl, and reduce the flow of illegal migrants across the border.

However, according to Reuters, the tariffs that Trump announced on November 25 appear to violate the terms of the US-Mexico-Canada Free Trade Agreement (USMCA).

Trump signed the USMCA in 2020, and the agreement continues to operate tax-free between the three countries.

Mexico and Canada are the two largest trading partners of the United States. More than 83% of goods manufactured in Mexico were imported into the U.S. in 2023. Meanwhile, 75% of Canada's exports were imported into the U.S.

Canada and the United States had previously imposed sanctions on each other's exports during a period of tension before the two sides signed the USMCA.

Regarding China, President-elect Trump accused Beijing of not doing enough to stop the flow of illicit drugs into the United States from the Mexican border.

"Until they stop, we will impose an additional 10% tariff on all Chinese goods imported into the United States," Trump declared.

The Chinese embassy in Washington, the office of Canadian Prime Minister Justin Trudeau, and the Canadian Foreign Ministry have all yet to comment on Trump's remarks.

On the other hand, economists argue that Trump's plan to impose new tariffs on goods from Mexico, Canada, and China could become the most detrimental economic policy he has ever implemented.

This would push US import tariffs back to 1930s levels, causing inflation, collapsing US-China trade, triggering a wave of retaliation, and leading to significant disruptions in supply chains.

Source: https://tuoitre.vn/ong-trump-tuyen-bo-ap-thue-25-doi-voi-hang-canada-mexico-va-10-doi-voi-hang-trung-quoc-20241126094203548.htm