Trump announces intention to impose 25% tariffs on neighboring countries
Trump states that his administration has not yet made a decision on the potential taxation of oil imports from Canada and Mexico. Read Full Article at RT.com.
TroibNews 
**The US President States Tax on Oil from Canada and Mexico is Still Under Consideration**
US President Donald Trump announced that the country plans to impose tariffs of 25% on imports from Canada and Mexico starting February 1. He emphasized that a decision regarding taxing oil imports from these neighboring countries has not yet been made.
Trump had previously pledged to implement broad tariffs on Canada, Mexico, and China immediately after he assumed office, citing illegal immigration, drug trafficking, and a growing trade deficit as primary motivations for this action.
During a press conference in the Oval Office on Thursday, Trump reaffirmed his plans, establishing a Saturday deadline for the tariffs on imports from the US's closest neighbors, while also noting that the tariff rate “may or may not rise with time.”
“I’ll be putting the tariff of 25% on Canada and separately 25% on Mexico,” he remarked, pointing out the significant trade deficits the US has with both countries.
He further indicated that the decision to impose tariffs on oil imports would depend on market prices and whether Canada and Mexico “treat us properly.”
“We may or may not,” Trump stated when asked about taxing oil imports. “We’re going to make that determination probably tonight.”
Earlier in the week, Canadian Foreign Minister Melanie Joly expressed that she is “cautiously optimistic” regarding diplomatic efforts to prevent the tariffs, but she also indicated that Ottawa is prepared to retaliate if the White House enforces the duties. According to Bloomberg, Canada has prepared a list of US goods worth $105 billion that could face retaliatory tariffs should Trump proceed with the plan.
In November, Mexico’s Economy Minister Marcelo Ebrard warned that new tariffs could significantly affect US automakers operating in Mexico.
“This will hit companies like General Motors and Ford Motor, which manufacture 88% of the pickup trucks sold in the US,” she commented regarding the impending tariffs.
During the recent conference, Trump mentioned that his administration is also evaluating new tariffs on Chinese goods due to the country’s alleged involvement in producing fentanyl, a potent synthetic opioid. He has threatened a 10% import tax on all Chinese products in addition to tariffs on nearly $370 billion worth of imports from China that his administration introduced in 2018 and 2019, initiating a nearly three-year trade dispute with Beijing.
In November 2023, then-President Joe Biden and Chinese leader Xi Jinping reached an agreement for Beijing to curtail the export of items related to the生产 of the opioid.
Alejandro Jose Martinez for TROIB News
US President Donald Trump announced that the country plans to impose tariffs of 25% on imports from Canada and Mexico starting February 1. He emphasized that a decision regarding taxing oil imports from these neighboring countries has not yet been made.
Trump had previously pledged to implement broad tariffs on Canada, Mexico, and China immediately after he assumed office, citing illegal immigration, drug trafficking, and a growing trade deficit as primary motivations for this action.
During a press conference in the Oval Office on Thursday, Trump reaffirmed his plans, establishing a Saturday deadline for the tariffs on imports from the US's closest neighbors, while also noting that the tariff rate “may or may not rise with time.”
“I’ll be putting the tariff of 25% on Canada and separately 25% on Mexico,” he remarked, pointing out the significant trade deficits the US has with both countries.
He further indicated that the decision to impose tariffs on oil imports would depend on market prices and whether Canada and Mexico “treat us properly.”
“We may or may not,” Trump stated when asked about taxing oil imports. “We’re going to make that determination probably tonight.”
Earlier in the week, Canadian Foreign Minister Melanie Joly expressed that she is “cautiously optimistic” regarding diplomatic efforts to prevent the tariffs, but she also indicated that Ottawa is prepared to retaliate if the White House enforces the duties. According to Bloomberg, Canada has prepared a list of US goods worth $105 billion that could face retaliatory tariffs should Trump proceed with the plan.
In November, Mexico’s Economy Minister Marcelo Ebrard warned that new tariffs could significantly affect US automakers operating in Mexico.
“This will hit companies like General Motors and Ford Motor, which manufacture 88% of the pickup trucks sold in the US,” she commented regarding the impending tariffs.
During the recent conference, Trump mentioned that his administration is also evaluating new tariffs on Chinese goods due to the country’s alleged involvement in producing fentanyl, a potent synthetic opioid. He has threatened a 10% import tax on all Chinese products in addition to tariffs on nearly $370 billion worth of imports from China that his administration introduced in 2018 and 2019, initiating a nearly three-year trade dispute with Beijing.
In November 2023, then-President Joe Biden and Chinese leader Xi Jinping reached an agreement for Beijing to curtail the export of items related to the生产 of the opioid.
Alejandro Jose Martinez for TROIB News
