President Donald Trump’s threatened tariffs on China, Canada, Mexico and other countries are set to take effect Saturday, February 1. Goods from China could be subjected to a 10% tariff, while those from Mexico and Canada could come under tariffs of 25%.
Trump confirmed that he’s “in the process” of implementing the trade sanctions on China and left the door open to including oil in those tariffs. “I’ll be putting the tariff of 25 percent on Canada and Mexico, and we will really have to do that because we have very big deficits with those countries,” he said. “Those tariffs may or may not rise with time.”
The action would make good on a threat Trump first made in the final days of the 2024 campaign, when he threatened to impose a tariff of 25 percent on all imports from Mexico, which is the top trade partner with the U.S., unless the Mexican government curbed the flow of migrants at the southern border.