25% rates for Mexican, Canadian imports, will start today on February 4: Donald Trump-Telangana

Trump says the rates are to force the two American neighbors to intensify their fight against fentanil and stop illegal immigration

Washington: President Donald Trump said on Monday that 25% taxes in Mexico and Canada will start on Tuesday, stirring renewed fears of a trade war in North America, which has already shown signs of pushing inflation and preventing growth.

“Tomorrow – 25% rates in Canada and 25% in Mexico. And that will start, “Trump told the reporters in the Roosevelt room. “They will have to have a tariff.” Trump said the rates are to force the two American neighbors to intensify their fight against fentanel traffic and to stop illegal immigration. But Trump also indicated that he wants to eliminate commercial imbalances in America and push more factories to relocate in the United States.

His comments rapidly shook the US stock market market, the S&P 500 index decreased by 2% in the trading of Monday afterwards. It is a sign of the political and economic risks that Trump feels obliged to assume, given the possibility of greater and possible disappearance of a commercial partnership for several decades with Mexico and Canada, because the rates will enter into force at 12:01 on Tuesday.

However The Trump administration It remains confident that rates are the best choice to stimulate US production and attract foreign investments. The Secretary of Trade, Howard Lutnick, said Monday that the TSMC computer chip manufacturer expanded the investment in United States due to the possibility of 25%separate rates.

In February, ATU Put a 10% rate for imports from China. He repaired Monday that the rate will double to 20% on Tuesday. Trump offered a one month delay in February, because Mexico and Canada promised concessions. But Trump said on Monday that there was no room for Mexico or for Canada“To avoid the new steep rates, which have also been established to tax Canadian energy products, such as oil and electricity, at a rate of less than 10%.

Prime Minister of Canada Justin Trudeau On Monday he said that “there is no justification” for Trump’s rates. “Due to the tariffs imposed by the US, Americans will pay more for food, gases and cars and lose thousands of jobs,” he said. “The rates will disrupt an incredibly successful trading relationship. They will violate the commercial agreement that has been negotiated by President Trump in his last term. “

Trudeau said that Canada will respond, putting 25% on $ 155 billion in US goods over 21 days, starting with $ 30 billion taxes after midnight on Tuesday night.

Mexico President Claudia Sheinbaum I entered Monday waiting to see what Trump will say. “It is a decision that depends on The United States government, The president of the United States, “said Sheinbaum before Trump’s statement.” So, regardless of his decision, we will make our decisions and there is a plan, there is a unit in Mexico. “Both countries have tried to show action in response to Trump’s concerns.