Trump Says Proposed Tariffs Will Take Effect March 4
The U.S. will impose new tariffs on Canada, Mexico and China, President Donald Trump announced Thursday (Feb. 27).
Trump wrote in a post on Truth Social that the tariffs aim to deter the importation of drugs from Canada and Mexico and the manufacturing and supply of drugs by China.
“We cannot allow this scourge to continue to harm the USA, and therefore, until it stops, or is seriously limited, the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled,” Trump wrote in the post.
“China will likewise be charged an additional 10% Tariff on that date,” he wrote. “The April Second Reciprocal Tariff date will remain in full force and effect.”
The tariffs on Canada and Mexico will be 25%, while the additional 10% tariff on China will be placed on top of the 10% one that took effect earlier in February, Bloomberg reported Thursday.
Together, the tariffs will be applied to over $1 trillion worth of imports, according to the report.
The reciprocal tariff mentioned by Trump will apply to all nations, worldwide, the report said.
Trump had previously announced his plans to impose tariffs on Canada and Mexico but then paused them on Feb. 3 for a month after the countries’ leaders said they would implement more border security, per the report.
It was reported Wednesday (Feb. 26) that Trump said that the U.S. has decided to impose tariffs on the European Union (EU) and will announce the details soon.
“It’ll be 25% generally speaking, and that will be on cars and all other things,” Trump said during the first Cabinet meeting of his second term.
He added that the tariffs on the EU will be imposed because the bloc doesn’t accept U.S. cars or farm products and has “really taken advantage of us.”
Concerns about tariffs and job uncertainty may cause the young, affluent consumers who have been the drivers of commerce online and offline to curb their spending, PYMNTS reported Friday (Feb. 21).
Consumers scrambled to get what they needed and stock up during the fourth quarter of 2024 in anticipation of the impact of tariffs.
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