Washington (TDI): U.S. President Donald Trump has said that he would impose hefty new tariffs of 25 percent on goods from Mexico and Canada and 10 percent on imports from China, and nothing could be done by the three countries to delay them.
Trump did, however, reference a potential carve out for oil from Canada, stating that rate would be 10 percent versus the 25 percent planned for other goods from the United States’ northern neighbor.
But he indicated wider tariffs on oil and natural gas would be coming in mid-February, remarks that sent oil rates higher, according to Reuters.
Trump has been threatening the tariffs for weeks, stating they would be imposed on February 1 and remain in place until the nations did more to stem the flow of both migrants and fentanyl over the U.S. border.
Speaking to media in the Oval Office as he was signing executive orders, Trump said he understood the duties could result in higher costs being passed on to consumers, adding his actions may cause disruptions in the short term.
Most economists estimate such massive import taxes, and the likely retaliation, would disrupt economic activity around the world.
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Asked if there was any opportunity at this stage for the these countries to win a delay, the president stated: “No, no. Not right now, no.”
Trump Denies Using Tariffs as Bargaining Tool
He rejected the notion his threats for levies have been a bargaining tool.
“No, it’s not … we have big trade deficits with, as you know, with all three of them.”
More tariffs are on the way, Trump said, adding import taxes were being considered on European goods as well as on steel, aluminum and copper, and on drugs and semiconductors.
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Financial markets have fluctuated sharply amid rapid and uncertain developments in US tariff plans, causing volatility in currency trading.
The Canadian dollar and Mexican peso both dropped while Treasury bond yields rose, and stocks ended the day lower.
However, Trump dismissed concerns over financial market reactions to his tariff plans.
