President Trump announced Monday that 25% tariffs on imports from Canada and Mexico will take effect Tuesday, following weeks of uncertainty. Trump stated the tariffs aim to curb fentanyl trafficking while encouraging companies to shift production to the U.S.
“There’s no room left for Mexico or Canada,” Trump said, rejecting further negotiations. The move follows his previous delays, initially setting the tariff start date for Feb. 1, then postponing it to March 4. Commerce Secretary Howard Lutnick previously suggested that the final rate was still under discussion.
Both Canada and Mexico vowed retaliation. The stock market reacted negatively, with the Dow dropping over 700 points. Trump also announced reciprocal tariffs beginning April 2, targeting nations that tax U.S. imports. Additionally, he hinted at increasing tariffs on Chinese goods from 10% to 20%.
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