President Donald Trump announced new tariffs on imports from Canada, Mexico, and China, citing the need to curb illegal immigration and drug trafficking. The tariffs include a 25% duty on Mexican and Canadian imports, a 10% duty on Chinese goods, and a 10% tariff on Canadian energy imports. These measures take effect Tuesday and include a clause allowing increases if retaliatory actions occur.
Trump indicated this may be the first of several tariff hikes, potentially targeting steel, aluminum, pharmaceuticals, and semiconductor chips. Experts warn the tariffs could raise consumer prices, with the Tax Foundation estimating an average $830 annual cost per U.S. household.
Canadian Prime Minister Justin Trudeau and Ontario Premier Doug Ford pledged strong retaliation. Trade analysts predict the auto industry and agriculture will be among the hardest-hit sectors.
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