Trump resigns tariffs to Canada, Mexico, and China

U.S. President Donald Trump has stated that tariffs will be imposed on Mexico and Canada from Tuesday, as well as double universal tariffs of 10 percent on imports from China, reports the news agency “AP”.

In a post on his social network “Truth Social” on Thursday, Trump has said narcotics such as fentannyli are smuggling to the US in the unacceptable “nivele” and that taxes in import would force other countries to fight smuggling.

“We cannot continue to harm the U.S., and therefore, until it is stopped, or seriously limited, the proposed tariffs postponed until March 4th, which will take effect, however, as planned. China will have to pay 10% additional fee from that date”, Trumpi wrote.

The risk of escalating tariffs has put the global economy in uncertainty with consumers has voiced fears about worsening inflation, and the car sector is expected to get the biggest hit if fees are imposed on the two biggest US economic partners.

The potential of rising prices and small economic growth could politically hit Trump, who has promised voters last year in the presidential election that he would reduce inflation quickly, which had grown sharply during the president's term, Joe Biden. But Trump has also promised to set tariffs, which he plans to set on April 2nd, reviewing the tariffs to adapt to fees that other countries place on American products.

The April Second Reciproquence Days will remain in force with full effect of”, Trump added to his post in social media.

Trump has indicated that European countries will face 25% tariffs. It also wants to impose specific tariffs on cars, computer chips and drugs that would be taxed as additional tariffs.

The president has already announced that he is evading softness on aluminum and steel tariffs. This could lead to trade conflicts that could push other countries to impose taxes on US imports in their countries as a form of revenge. This is only affecting consumers from the US, potentially undermining Trump's promise of economic growth.

Consumer confidence has already fallen. According to official figures, this decline was the largest drop that has occurred within the month since August 2021, which was during the time the economy was being re-established after the body of Coronavirus. The expectations for average 12-month inflation have increased from 5.2% to 6% during February.

Trump had decided on fees to Mexico, and Canada had added it to China earlier, but he had postponed it for 30 days.