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Trump says US will impose tariffs on overseas agricultural goods within weeks Trump says ‘no room left’ for deal that avoids tariffs on Mexico and Canada
(32 minutes later)
US president claims his administration will introduce tariffs on farm products starting in April Tariffs to hit neighbors on Tuesday as president also pledges to impose tariffs on farm products starting in April
Donald Trump has pledged to impose tariffs on overseas agricultural goods within weeks, as the White House mulls whether to make good on a threat to hit Canada and Mexico with steep duties from Tuesday. The US will press ahead with steep tariffs on Canada and Mexico from Tuesday, Donald Trump has said, setting the stage for a trade war with his country’s two largest economic partners.
The US president claimed his administration would introduce tariffs on farm products from 2 April. Hours before his administration was due to hit America’s closest neighbors with sweeping import duties, the US president claimed there was “no room left” for a deal to avoid their imposition.
A string of such deadlines – including vows to hit Canada and Mexico with tariffs in January, and then February – have been delayed, however, as economists and business leaders urge caution. All Mexican exports to the US are set to face a levy of 25% under the plans. Most Canadian exports will face a 25% tariff, with energy products facing a 10% duty.
“To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States,” Trump wrote on Truth Social, his social network, on Monday. “Tariffs will go on external product on April 2nd. Have fun!” Trump also indicated that an additional 10% levy on China – on top of the 10% introduced last month – will also be introduced. Tariffs are a “very powerful weapon”, he told reporters at a news conference.
On Tuesday, Trump has said the US will impose a 25% tariff on Canada and Mexico, and an additional 10% tariff on China, on top of the 10% tariff it imposed on China last month. The action is set to prompt swift retaliation. “We’re ready,” said Canadian foreign minister Mélanie Joly.
These duties “will, indeed, go into effect, as scheduled”, he declared last week, until the fentanyl crisis “stops, or is seriously limited”. Wall Street fell sharply after Trump’s remarks, with the S&P 500 down 1.9% and the Dow Jones industrial average down 1.7%.
Trump has reluctantly conceded that higher tariffs could lead to higher prices in the US, but suggested the impact will be worth the cost. He has brushed off calls to tread carefully, escalating threats to go further. Trump has reluctantly conceded in recent weeks that higher tariffs could lead to higher prices in the US, but suggested the impact will be worth the cost. He has brushed off calls to tread carefully, escalating threats to go further.
Tariffs are “an act of war, to some degree”, the billionaire investor Warren Buffett warned recently. “Over time, they are a tax on goods,” he told CBS News. “I mean, the Tooth Fairy doesn’t pay ‘em!”Tariffs are “an act of war, to some degree”, the billionaire investor Warren Buffett warned recently. “Over time, they are a tax on goods,” he told CBS News. “I mean, the Tooth Fairy doesn’t pay ‘em!”
On Monday, Trump also pledged to impose tariffs on overseas agricultural goods within weeks. He claimed his administration would introduce tariffs on farm products from 2 April.
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More details soon … A string of such deadlines – including vows to hit Canada and Mexico with tariffs in January, and then February – have been delayed, however, as economists and business leaders urge caution.
“To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States,” Trump wrote on Truth Social, his social network, on Monday. “Tariffs will go on external product on April 2nd. Have fun!”