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Donald Trump says 25% tariffs on Canada, Mexico ‘on time’ for March 4 deadline
Along with tariffs on Canada and Mexico, Donald Trump also said the reciprocal tariffs he plans on other countries will also go ahead as planned.
Donald Trump on Monday said the 25 per cent tariffs planned for Canada and Mexico, United States’s two biggest trading partners, will go ahead as planned next month. Trump made the announcement while addressing a press conference with French President Emmanuel Macron who is currently on a visit to the US.
“We’re on time with the tariffs, and it seems like that’s moving along very rapidly,” Donald Trump said. “We have been mistreated by many countries, not just Canada and Mexico and have been taken advantage of,” Trump added.
“Tariffs are going forward on time and on schedule,” he added.
Donald Trump’s reiteration of his harsh stance on tariffs comes even as Canada and Mexico have strengthened security along borders, reported news agency Reuters. The tariffs could also potentially worsen inflation and hurt the economy of North America.
Trump also reiterated that he thinks countries across the world have taken advantage of the US by levying heavy duties, calling it “abuse”. He said that he doesn’t blame the countries but the US leadership for allowing it to happen.
“Tariffs will go forward. Yes, we will make up a lot of territory. All we want is reciprocal, we want reciprocity. So if someone charges us we charge them, it is very simple. It will be very good for our country. Our country will be extremely liquid and rich again,” Trump said while talking about going ahead with his reciprocal tariffs plan.
Mexican President Claudia Sheinbaum Pardo, however, appeared hopeful that her country could strike a deal with the US government before the March 4 deadline, saying that if needed, she might speak with Trump directly.
“We would need to be reaching important agreements this Friday…On all of the issues there is communication and what we need is to complete this agreement, I believe we’re in a place to do it,” she was quoted as saying by Associated Press (AP) before Trump’s announcement of going ahead with the tariffs on time.
Trump's tariff plans
Trump plans to impose 25% tariffs on imports from Mexico and Canada. Earlier, these tariffs were supposed to be imposed in February, however, both the countries were given a month-long suspension till March 4. With imposition of tariffs, Trump plans to get the two countries to address not just illegal immigration but also put an end to smuggling of fentanyl drug, as per AP report.
Trump has, on many occasions, called India a high-tariff nation and plans to impose reciprocal tariffs in India as well.
Since Trump's initial 25% tariff threat and imposition of a 10% duty on all Chinese imports, he has heaped on more tariff actions that could muddy the waters on border negotiations.
These include substantially raising tariffs on steel and aluminum to a flat 25%, rescinding longstanding exemptions for Canada and Mexico, the largest sources of US imports of the metals. These steep increases, which also extend to hundreds of downstream steel products, are due to take effect a week after the border tariffs, on March 12.
(With inputs from Reuters)
