Trump says 25% tariffs will apply to Mexico and Canada tomorrow

Trump Imposes 25% Tariffs on Mexico and Canada, Escalating Trade Tensions

President Donald Trump announced Monday that 25% tariffs on imports from Mexico and Canada will take effect Tuesday, raising concerns about a potential North American trade war.

“Tomorrow—tariffs 25% on Canada and 25% on Mexico. And that’ll start,” Trump told reporters in the Roosevelt Room.

The tariffs, according to Trump, are aimed at pressuring both nations to intensify their efforts against fentanyl trafficking into the United States.

No More Delays for Mexico and Canada

In February, Trump granted a one-month delay after Mexico and Canada promised certain concessions. However, on Monday, he declared that there was “no room left” for either country to avoid the steep new tariffs.

Market Reaction and Additional Tariffs on China

Following Trump’s announcement, U.S. stock markets dropped sharply as investors reacted to the escalating trade tensions.

In addition to the tariffs on Mexico and Canada, Trump also confirmed plans to impose another 10% tariff on Chinese goods, doubling down on the 10% tariff he introduced last month.