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US President Donald Trump looks on, on the day he signs an executive order in the Oval Office at the White House in Washington, US, January 31, 2025. — Reuters
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WASHINGTON: President Donald Trump on Saturday targets Canada, Mexico, and China – which targets the United States largest trading partners, who raise fresh concerns about the effects of global trade Yes.
Trump has reiterated his 25 % revenue plans on neighbors Canada and Mexico, saying they have failed to cross the US border and crack the flow of phenothenils against illegal immigrants.
He also threatened 10 % duty for Chinese goods on the same day, as well as drugs.
“The last date of February 1, which President Trump made several weeks ago, was presented in a statement,” White House spokesman Crolley Lweet told reporters on Friday. “
“Both Canada and Mexico have allowed an extraordinary attack on illegal fantasy, killing US citizens, and immigrants in our country,” he added.
He did not pledge exemption in the fields and rejected the warnings that it would lead to a trade war.
On Friday, Trump told reporters at the Oval Office that he was going to impose “absolutely” taxes on the European Union in the future, saying the block had “treated us very terrible.”
Canadian Prime Minister Justin Trudeau vowed to “immediate response” on Friday if Trump worked, while Mexico President Claudia Shenbam said his government was in close contact with Trump’s administration.
The US president has not explained the tools they will use, though analysts have suggested that they can tap emergency economic powers, which allow the president to manage imports during the national emergency. But it can be interrupted by legalism.
Fantinel has been responsible for tens of thousands of deaths in a year.
Beijing has rejected its complexity claims in trade, while Canada, a close US ally, has confronted that less than one percent of non -documentary immigrants and fantasy entered the United States, passing through the northern border.
Some analysts believe that tariff threats are a bargaining chip to accelerate the renewal of the current trade deal between the United States, Mexico and Canada, known as USMCA.
“However, eliminating a decade -long free trade area could be a significant shock.”
US businesses are paid taxes to the government on purchase from abroad, and economic burden can be imposed on importers, foreign suppliers or consumers.
The dangers of recession
Canada and Mexico will face less than 25 percent of US revenue and retaliation, said Windong Zhang, Assistant Professor of Cornell University.
He added, “Canada and Mexico suffer from 3.6 percent and two percent of real GDP, respectively, while the United States will suffer 0.3 percent real GDP loss.”
Oxford Economics analysts warned that Canada and Mexico could be subjected to recession with blanket prices and pushbacks, and that the United States is also in danger of reputation.
The John Domain of Oxford Economics said that Mexico’s largest export sector – food and beverages, transport equipment, and electronics – are calculated on its manufacturing activity.
The Congress Research Service noted that Canada exported about 80 percent of its goods to the United States in 2023 and accounts for about 60 % of US crude oil imports.
It is unclear whether oil imports can be exempted.
Canada’s heavy oil is better in the United States, and may lack the alternatives in dependent areas.
Canada’s producers will lead to prices, but US refiners will also face more costs, said Tom Kloza of the Oil Price Information Service. This could increase the price of gasoline.
The Patterson Institute for International Economics said that import of US trade from both countries largely enters duty -free or on average at a very low rate.
The increase in tariffs will hurt industrial buyers and consumers.
‘Grand Bargain’
Trump is also considering more taxes on Chinese goods.
Beijing has pledged to defend its “national interests”, and a Foreign Ministry spokesman had earlier warned that “there is no winner in the trade war.”
During the election campaign, Trump took the idea of 60 % or more on Chinese imports.
Financial Services firm BTIG Ishaq Boltensky expects “additional tariffs on Chinese goods”.
He said in a note, “Our feeling is that Trump will be empty between carrots and sticks with China, the ultimate goal is some kind of deal before the end of his term.”
