Canada, Mexico, China tariffs drop Saturday: POTUS

Donald Trump. Image via AP.

President Donald Trump said Friday he would place 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China effective Saturday, raising the specter of swift price increases for U.S. consumers even though he suggested he would try to blunt the impact on oil imports.

Trump had been threatening the tariffs to ensure greater cooperation from the countries on stopping illegal immigration and the smuggling of chemicals used for fentanyl, but he has also pledged to use tariffs to boost domestic manufacturing and raise revenues for the federal government.

“Starting tomorrow, those tariffs will be in place,” White House press secretary Karoline Leavitt told reporters earlier Friday. “These are promises made and promises kept by the President.” Speaking to reporters in the Oval Office later, Trump said there was nothing the three countries could do to prevent the tariffs from going into force Saturday.

The tariffs carry both political and economic risks for Trump, who is just two weeks into his second term. Many voters backed the Republican on the promise that he could tamp down inflation, but the possibility of tariffs could trigger higher prices and potentially disrupt the energy, auto, lumber and agricultural sectors.

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Republished with permission of the Associated Press.