President Donald Trump signed an order on Saturday to impose tariffs on imports from Mexico, Canada, and China. This move fulfills a campaign promise but could lead to higher prices for American consumers.
Under the order, Trump declared an economic emergency. He set a 10% tariff on all imports from China and a 25% tariff on imports from Mexico and Canada. However, Canadian oil will be subject to a 10% tariff.
The White House stated that the order includes a mechanism to increase these rates if the affected countries retaliate against the U.S., as they have previously threatened. Trump justified the tariffs as a way to pressure these countries to do more to stop the flow of fentanyl into the U.S. The tariffs also align with his broader protectionist policies aimed at boosting domestic manufacturing and generating additional revenue for the federal government.
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