US President Donald Trump signed a decree on Saturday on the introduction of imported tariffs for goods from Mexico, Canada and China, which, according to The New York Times, will enter into force on February 4. It is reported that new duties cover a wide range of goods, ranging from electronics to essential items.
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Trump announced that goods imported from Mexico and Canada will be taxed with a 25 percent tariff, while goods from China will be taxed with a 10 percent tariff. At the same time, the energy tariff from Canada will be lower – in the amount of 10 %.
«This was done in accordance with the “Law on Extraordinary International Economic Planations” (IEEPA) due to a serious threat of illegal immigrants and deadly drugs that kill our citizens, including Fentanil, ”Trump said in the Truth Social social network. “We need to protect the Americans, and my duty as the president is to ensure the safety of everyone.”
In the presence of tariffs, an additional fee will be paid by a company importing goods, and not a country-exporter. These additional duties are usually reflected in the consumer in the form of higher prices, the resource of The Verge explains.
Washington threatened to increase tariffs even more if the authorities of Canada, Mexico and China resort to return measures. Despite the threat, Canada announced that from Tuesday it would introduce 25 percent oncoming duties for goods from the United States with a total value of about $ 20 billion, and within three weeks will expand the list by another $ 85 billion, writes The New York Times. Mexico also prepares retaliatory measures, and China will file a lawsuit in the WTO, in addition to the countermer.