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President Donald Trump threatened to impose additional tariffs on Canadian wood and dairy products after proposing a one-month delay in the 25% tariffs for items covered in the USA-Mexico-Canada Agreement.
Trump accused Canada of taking advantage of the United States for many years by imposing high tariffs on American dairy products.
The head of the U.S. Executive stated that the country would match the dollar tariffs. “We have the option to do it now or postpone until early next week,” Trump commented.
“We are pricing our products at the same rate. This is unjust. It has never been fair, and our farmers were treated poorly,” he remarked.
After the comments, there was a sense of worry in the worldwide markets, leading to increased declines in the New York stock indexes. The Dow Jones saw a slight increase of 0.03%, while the Nasdaq dropped by 0.12% and the S&P 500 experienced a loss of 0.06% around 15:27 (Britain Time).
April 2 is described by Trump as a significant day for the United States.
After coming back and exempting most products from Mexico and Canada from tariffs on exports for one month, US President Donald Trump announced plans to impose reciprocal tariffs on April 2, which he referred to as a significant day for the US.
The president announced that steel and aluminum tariffs will be implemented without changes starting next week. Trump made the announcement during a conference at the Oval Office in the White House on Thursday.
The US President signed executive orders on Thursday allowing tariff reductions for Mexico and Canada.
The ruling applies to goods traded within the guidelines of the USMCA, a trade deal agreed upon during the Republican administration’s first term (2017-2021).
The measure goes into effect one day following a 30-day reprieve given to car manufacturers, who were worried about the potential harm from 25% tariffs on the US auto industry.
Trump’s announcement was made in a post on Truth Social, his social media platform, following a discussion with Mexico’s President Claudia Sheinbaum. During the meeting, they mutually agreed that Mexico won’t have to pay tariffs on goods covered by USMCA, as reported by “Reuters.”
Sheinbaum thanked Trump and highlighted the cooperation between both countries on immigration and drug trafficking matters.
Approximately 10% of products imported from Mexico to the U.S. are not covered by USMCA and will therefore be subjected to tariffs, including car and machinery exports.
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