Trump is planning Mexico and Canada tariffs for Tuesday while doubled 10% existing rates on China

Washington (AP) – President Donald Trump says he intends to impose rates on Canada and Mexico Starting on Tuesday, in addition to doubling the 10% universal tariff for imports from China.

Posting on Thursday on the social truth, Trump said that illicit drugs, such as fentanyl are smuggled in the United States at “unacceptable levels” and that import taxes would force other countries to be on traffic.

“We cannot afford this scourge to continue to harm the US and, therefore, until it stops or is limited, the proposed tariffs scheduled to enter into force at the fourth March will enter into force, as it was scheduled,” wrote the Republican president. “Also, China will be charged an additional 10% rate at this time.”

The perspective of climbing the tariffs has already thrown away The global economy in agitation – consumers expressing fears Aggravated inflation And the car sector suffering whether the two largest trading partners in America in Canada and Mexico are cooked with taxes.

The potential for higher prices and a slower increase could create a political shot for Trump, who promised voters at last year’s presidential elections that they could quickly decrease the inflation rate, which skipped During the term of President Joe Biden. But Trump campaign to impose wide rates and great rates, which he intends to launch on April 2 by resetting the rates to match the taxes they set are charged by other countries for American goods.

“The date of mutual tariffs in the second April will remain in full force and effect,” Trump said as part of his job on Social Media.

Trump indicated Wednesday that European countries will face a 25%rate. It also wants separate rates on vehicles, computer chips and pharmaceutical drugs that would be perceived in addition to mutual rates.

The president has already announced that he eliminates exemptions at his 2018 steel and aluminum tariffs, in addition to the planning of taxes for copper imports.

The prospect of a wider commercial conflict if other nations follow their own reprisal rates is already in front of US consumers, it could undermine Trump’s promise to unleash a stronger economic growth.

The conference council reported on Tuesday that its consumers’ reliable index decreased by 7 points to a reading of 98.3. It was the largest monthly decline in August 2021, when inflationary pressures began to reverberate in the United States, because the economy recovered from the coronavirus pandemic. The average 12 -month inflation expectations jumped from 5.2% to 6% in February, the conference council said.

“There has been an increased increase in commercial and tariffs, back to an unseen level of 2019,” said Stephanie Guichard, senior economist at the Conference Council. “Especially, the comments on the current administration and his policies have dominated the answers.”

The S&P 500 stock index has also decreased in the last month, reversing some of the winnings that followed Trump’s presidential victory, which caused investors to assume income tax reductions and less regulation would contribute to growth.