Trump says 25% tariffs on Canada and Mexico coming on February 1 as he signs several orders on economy
The Hindu
President Trump plans 25% tariffs on Canada and Mexico, while avoiding specifics on taxing Chinese imports.
President Donald Trump said on Monday (January 20, 2025) that he expects to put 25% tariffs on Canada and Mexico starting on February. 1, while declining to flesh out his plans for taxing Chinese imports.
Trump made the announcement in response to reporters' questions while signing executive actions in the Oval Office on his first day back in the White House.
Trump threatened tariffs of as much as 60% on China during his campaign, but appeared to temper his plans after a phone call last week with Chinese President Xi Jinping. He said Monday there would be more discussions with his counterpart in the world’s second largest economy.
“We’re going to have meetings and calls with President Xi,” Trump said.
Trump is placing a big bet that his executive actions can cut energy prices and tame inflation and that the tariffs will strengthen the economy instead of exposing consumers to higher prices. But it's unclear whether his orders will be enough to foster the growing economy with lower prices that he promised voters.
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