Trump hints at imposing 25% tariffs on Canada and Mexico in February.

Trump hints at imposing 25% tariffs on Canada and Mexico in February.
Trump hints at imposing 25% tariffs on Canada and Mexico in February.

On Monday, President Trump stated that tariffs may be imposed on Mexico and Canada as early as February, indicating a heightened emphasis on trade.

"Trump stated that he is considering imposing a 25% tariff on Mexico and Canada due to their allowing a large number of people to cross the border. He referred to Canada as a "very bad abuser" and said that the target date for the tariffs is February 1st."

The newly appointed CEO announced a series of executive orders on various topics, including regulations, free speech, and immigration, while addressing the press.

It has been widely known that Trump intends to impose tariffs on all U.S. trading partners, but the timing and scope have been uncertain. Some speculation suggested that the tariffs could be postponed and focused on specific essential items instead of being applied broadly.

Trump did not provide any additional information on the implementation of tariffs in his remarks. He had previously stated that there would be no tariffs on his first day in office, amidst the signing of various executive orders.

Trump has stated that he intends to use tariffs as a means to persuade Canada and Mexico to curb fentanyl smuggling, in addition to protecting U.S. business interests. In his inaugural address, Trump vowed to classify international drug cartels as terrorist organizations, which would grant the administration more power in combating the influx of drugs into the country.

"Trump announced in his speech that he would promptly revamp our trade system to safeguard American workers and families. Instead of imposing taxes on American citizens to benefit other countries, he proposed imposing tariffs and taxes on foreign countries to benefit American citizens."

He founded the Eternal Revenue Service to collect duties, stating that it would result in significant revenue for the federal government.

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by Jeff Cox

Markets