The president also suggested he still plans to impose new tariffs on China but did not give any details.

Summary

Trump announced that 25% tariffs on imports from Canada and Mexico will take effect on February 1, though a decision on including oil remains pending.

He justified the move by citing undocumented migration, fentanyl trafficking, and trade deficits.

Trump also hinted at new tariffs on China.

Canada and Mexico plan retaliatory measures while seeking to address U.S. concerns.

If oil imports are taxed, it could raise costs for businesses and consumers, potentially contradicting Trump’s pledge to reduce living expenses.

  • xmunk@sh.itjust.worksEnglish
    92·
    10 hours ago

    If oil is excluded the truly boss move on Canada & Mexico’s part would just be to introduce a 25% export premium on those products while the tariffs are in effect.

    • Someone@lemmy.caEnglish
      15·
      8 hours ago

      Exactly, clearly they’ll still pay for it if it’s important enough to exempt. In Canada’s case we could give Alberta the extra revenue just so they won’t get too cranky.