Credit: Gage Skidmore/Flickr
President Trump officially imposed tariffs on Canada, Mexico, and China on Saturday after they had ignored his threats.
Trump slapped the tariffs on the three countries under the International Emergency Economic Powers Act.
25% tariffs on all Mexico imports
25% tariffs on nearly all Canadian imports — 10% on Canadian energy resources
10% tariffs on all China imports
CNBC reported:
U.S. President Donald Trump is pushing ahead with long-threatened import tariffs on goods from Canada, Mexico and China.
On Saturday, the Trump administration senior trade and manufacturing adviser Peter Navarro confirmed the president is imposing 25% tariffs on imports from Mexico and Canada, as well as a 10% duty on China. Energy resources from Canada will have a lower 10% tariff.
It’s unclear when the new duties will take effect. The tentative plan was for them to be implemented on Tuesday.
Tariffs are duties imposed on foreign goods that are paid by U.S. importers. Economists broadly oppose tariffs, arguing that they result in higher prices for domestic consumers.
Canada is threatening to retaliate.
“Canada is set to introduce escalating retaliatory counter-tariffs to try to turn Americans against President Donald Trump’s 25% levies on Canadian goods, a threat that’s causing the country to rethink its dependence on its southern neighbor,” Bloomberg reported.
“You will find when we do respond, at least initially, that we will focus on tariffing American goods that actually are sold in significant quantities in Canada, and especially those for which there are readily available alternatives for Canadians,” Natural Resources Minister Jonathan Wilkinson said in an interview on Friday, according to Bloomberg.
This is a breaking story…please check back for updates.
The post JUST IN: President Trump Officially Imposes Tariffs on Canada, Mexico and China appeared first on The Gateway Pundit.