KEY TAKEAWAYS
- President Donald Trump said he would go ahead with plans to impose 25% tariffs on imports from the U.S.’s two largest trading partners, Canada and Mexico, on Saturday.
- Trump said Thursday that the tariffs are aimed at getting Ottawa and Mexico City to stem the flow of drugs and migrants into the U.S., and address the deficits it holds with those countries.
- However, Trump said the U.S. may not impose tariffs on oil imports from the two countries.
President Donald Trump said he would go ahead with plans to impose 25% tariffs on imports from the U.S.’s two largest trading partners, Canada and Mexico, on Saturday.
Trump said Thursday that the tariffs are aimed at getting Ottawa and Mexico City to stem the flow of drugs and migrants into the U.S., and address the deficits the U.S. holds with those countries.
“We’ll be announcing the tariffs on Canada and Mexico for a number of reasons,” Trump said. “Number one is the people that have poured into our country so horribly and so much. Number two are the drugs, fentanyl and everything else that have come into the country. And number three are the massive subsidies that we’re giving to Canada and to Mexico in the form of deficits.”
Trump Says US May Not Impose Oil Tariffs
However, Trump said the U.S. may not impose tariffs on oil imports from the two countries, depending on if Canada and Mexico “treat us properly” and “if the oil is properly priced,” according to CNBC.
Trump promised to impose 25% tariffs on goods from Canada and Mexico on the first day of his presidency, though he held off and later said they would be imposed on Feb. 1.
:max_bytes(150000):strip_icc()/GettyImages-2196842746-f66eb2493901409a902ec23cce4c6213.jpg?w=1200&resize=1200,0&ssl=1&description=Trump+Set+to+Impose+25%25+Import+Tariffs+on+Mexico%2C+Canada+Saturday){kind=link}