PNN – Experts believe that US President Donald Trump will affect more than 2 trillion dollars of the country’s foreign trade by imposing tariff on goods imported from Mexico, Canada and China.
According to the report of Pakistan News Network, Trump had previously announced that the three main trading partners of the United States would not be able to prevent his decision to impose tariffs on trade.
He said that Canada, Mexico and China have until February 1st to prevent the importation of fentanyl and the raw materials of prohibited drugs from China to the United States through Canada and Mexico, as well as prevent the entry of illegal immigrants from the northern and southern borders of the United States, or that the tariffs to accept
Last night, Trump said in a press conference that the tariffs will not be just a tool for bargaining with the three countries concerned, and emphasized that with this decision he wants to reduce the significant negative trade balance of the United States with those three countries.
Trump also suggested that if the US income from tariffs increases, it is possible to increase them. However, he pointed out that the import of oil from Canada may be subject to a 10% tariff and other goods imported from this country may be subject to a 25% tariff.
In 2023, the United States imported about 100 billion dollars of crude oil from Canada, and gas imports from this country have also been ongoing, and for this reason, Trump’s recent statements quickly increased global oil prices.
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Trump also acknowledged that the tariffs may cause temporary disruption in the lives of the American people and increase the prices of goods and services. This is despite the fact that Trump promised to reduce the price of food and goods in his election campaign, not increase it.
Trump’s tariffs are expected to have a significant impact on the auto industry, as many cars imported to the US are assembled in Canada and Mexico.
Trump has also announced that the imposition of more tariffs on the import of goods to the United States from other regions, especially Europe, is being formulated. These tariffs can include the import of steel, aluminum, copper, medicine and semiconductors.
Experts say that countries subject to Trump’s tariffs are likely to retaliate against this decision, so that about 2.1 trillion dollars of American trade could be affected by these measures.
Sources in the Canadian government have told Reuters that Ottawa has prepared a list of targeted goods imported from the United States to subject them to import duties immediately after Trump’s tariffs are imposed.
According to these sources, the list includes 150 billion dollars of goods imported from the United States, and of course they emphasized that there will probably be consultations before the imposition of counter-tariffs to determine their amount and intensity.
Mexican President Claudia Sheinbaum has also threatened to retaliate against Trump’s tariffs, although he insists that this retaliation will not be rushed and is ready to talk to Trump about this.
China has adopted a more cautious approach to this issue, but Chinese officials have also announced that they are ready to respond appropriately to Trump’s tariffs to defend their country’s commercial interests.