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WASHINGTON (AP) — President Donald Trump says he plans to enforce tariffs connected Canada and Mexico starting adjacent Tuesday, successful summation to doubling nan 10% cosmopolitan tariff charged connected imports from China.
Posting connected Truth Social connected Thursday, Trump said that illicit narcotics specified arsenic fentanyl are being smuggled into nan United States astatine “unacceptable levels” and that import taxes would unit different countries to crackdown connected nan trafficking.
“We cannot let this scourge to proceed to harm nan USA, and therefore, until it stops, aliases is earnestly limited, nan projected TARIFFS scheduled to spell into effect connected MARCH FOURTH will, indeed, spell into effect, arsenic scheduled,” nan Republican president wrote. “China will likewise beryllium charged an further 10% Tariff connected that date.”
The imaginable of escalating tariffs has already thrown the world economy into turmoil — pinch consumers expressing fears astir inflation worsening and nan car assemblage perchance suffering if America’s 2 largest trading partners successful Canada and Mexico are slapped pinch taxes.
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The imaginable for higher prices and slower maturation could create governmental blowback for Trump, who promised voters successful past year’s statesmanlike predetermination that he could quickly little nan ostentation rate, which jumped during President Joe Biden’s term. But Trump besides campaigned connected imposing wide tariffs and sweeping tariffs, which he plans to motorboat connected April 2 by resetting tariffs to lucifer nan taxes that he determines are charged by different countries connected American goods.
“The April Second Reciprocal Tariff day will stay successful afloat unit and effect,” Trump said arsenic portion of his Thursday societal media post.
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Trump indicated Wednesday that European countries would look a 25% tariff. He besides wants abstracted tariffs connected autos, machine chips and pharmaceutical narcotics that would beryllium levied successful summation to nan reciprocal tariffs.
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