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Donald Trump will carry out his threats to impose new new tariffs in Canada, Mexico and China this weekend, the White House said in a move that could cause the first trading of his new presidency.
Washington will hit Canada and Mexico with 25 percent tariffs and China with 10 percent taxes, White House Secretary Caroline Leavitt said on Friday.
“The deadline of February 1 that President Trump decided in a statement a few weeks ago,” Leavitt said.
“The President has made it very clear: those fees will be implemented in force,” Leavitt said. “If the president, at all times, decides to support those fees, I will leave him to make that decision. But starting tomorrow, those fees will be in place.”
The hitting trade partners three largest of the US with steep tariffs significantly increases the risks of the first commercial war of Trump’s second presidency only in his second week in the White House.
Both Canada and Mexico have prepared packages of vengeful fees, according to people familiar with the process, and are ready to implement them immediately.
“We are ready with an answer – a deliberate, powerful, but reasonable, immediate response,” Canadian Prime Minister Justin Trudeau said on Friday, while warning the Canadians, “Our nation can face difficult times in days and weeks next. “
Former Canada Finance Minister Chrystia Freeland, who is running to replace Trudeau, also said Friday that Otava should retaliate against any US tariff by adding big taxes to Tesla vehicles to punish Elon Musk, one of the most allies good of Trump.
White house plans to move forward with trade measures came after previous reports said they could be delayed until March, something Leavitt described as “false”.
“These are promises made and promises kept by the president,” she said.
Trump first threatened to hit Canada, Mexico and China with steep tariffs in November, accusing them of allowing illegal migration and not doing enough to stop trade with Fentanil, an illegal and deadly opioid.
Business lobbyists in Washington, concerned about the effects on the US supply chains and the costs of goods, have hoped that the President will take a more moderate approach and not immediately implement a 25 percent tax.
Other options involved delaying tariffs to allow Canadian and Mexican governments more time to negotiate with the Trump team on border security, or the presentation of tariffs and their growth over time.
On Thursday, Trump said he was thinking of excluding oil imports from tariffs – reflecting US addiction from its neighbor on large energy supplies. Canada is about one in every five barrels of oil consumed in the US and about 60 percent of its imported raw.
Leavitt said on Friday that it “had no update or read” for any possible exception, but the fees would be made public on Saturday.
The coins were deceived, with the Canadian dollar swinging from a strong profit to a small loss until Friday afternoon in New York, at $ 1.45 in the dollar. The Mexican pesso also poured large profits to trade flat. A US dollar gauge against the other six peers increased by 0.6 percent.
Additional reporting by Harriet Clarfelt
