Trump said he would increase taxes on China, Canada, and Mexico on his first day in office
Nov 26, 2024
Washington [US], November 26: US President-elect Donald Trump has announced that he will sign an executive order on his first day in office to raise tariffs on Washington's top trading partners.
In a series of posts on the social network Truth Social on November 25, Mr. Trump announced that he would impose a 25% tax on goods imported from Canada and Mexico, and an additional 10% tax on goods from China . Many items in China were subject to tariffs during Mr. Trump's first term.
Mr. Trump emphasized that the new tariffs are intended to push all three countries to do more to strengthen border security and crack down on the export of the opioid fentanyl to the US, according to The Hill .
He added that both Mexico and Canada have the power and authority to easily resolve the long-simmering issue. "We ask them to use that power. It is time for them to pay a heavy price until they resolve this issue," he wrote.
During his presidential campaign, Mr. Trump threatened to impose import tariffs of 10 to 20 percent on all foreign goods, and up to 60 percent on Chinese goods. Canada, Mexico and China are the largest trading partners of the United States.
Following Mr. Trump's post about imposing tariffs, the Chinese Embassy in the US issued a statement emphasizing that no side wins when the US-China trade war breaks out, Reuters reported on November 25.
During his first term, the former US president introduced policies to increase tariffs on the three countries mentioned above. He also asked his two neighbors Canada and Mexico to renegotiate the North American Free Trade Agreement ( NAFTA ) with provisions to promote US manufacturing and improve labor law compliance .
Source: Thanh Nien Newspaper
