U.S. President Donald Trump told reporters on Thursday he will be enacting a 25% tariff on Mexican and Canadian imports sometime this evening.
“I’ll be announcing the tariffs on Canada and Mexico for a number of reasons. Number one is the people that have poured into our country so horribly and so much. Number two are the drugs, fentanyl and everything else, that have come into the country. And, number three are the massive subsidies that we’re giving to Canada and to Mexico in the form of deficits,” he said.
Trump added, “I’ll be putting the tariff of 25% on Canada and separately 25% on Mexico, and we will really have to do that because we have very big deficits with those countries. Those tariffs may or may not rise with time… Oil has nothing to do with it.”
Mexico and Canada are America’s largest trade partners, making the incoming announcement controversial among some economists who believe the Trump tariffs will increase prices for U.S. consumers.
The US trade deficit with Canada is over $40 billion, while the trade deficit with Mexico is over $162 billion.
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