Trump says 'pain' from import tariffs is worth the price

After weeks of warnings, President Trump signed an executive order on February 1 imposing a 25% tax on goods from Canada and Mexico, despite the US having a free trade agreement with these two neighboring countries. In addition, he also imposed a 10% tax on China.

All three countries are among the US's largest trading partners and have announced retaliatory measures as the US tariffs take effect on February 4.

China, Mexico protest, Canada retaliate after Trump raises tariffs

"Will it be painful? Yes, maybe (and maybe not). But we will make America great again and it will be worth the cost," President Trump wrote on the social network Truth Social on February 2, according to AFP.

In his executive order, Mr. Trump said the tariffs would be lifted if the emergency regarding illegal immigration and the trafficking of fentanyl into the U.S. was ended. In his post on Truth Social, he added that another reason was the U.S. trade deficit with those countries.

"The United States has massive deficits with Canada, Mexico, and China (and almost everyone else), $36 trillion in debt, and we will not be a stupid country anymore," Trump wrote.

President Trump at Palm Beach International Airport in Florida (USA) on January 31

Analysts predict the trade war will slow US growth and push up US commodity prices, at least in the short term, something Mr Trump has been vocal about during his campaign. In an effort to curb rising oil prices, President Trump has imposed a 10% tax on energy imports from Canada.

Investors are bracing for a stock market crash in early trading on Monday due to the trade conflict between the US and its partners, with weekend trading from UK brokerage IG suggesting stock prices are likely to fall on February 3.

Technology stocks are expected to be hit hard, with the US Nasdaq on track to open down 1.4%, while the Dow Jones is likely to fall 0.8% and the UK FTSE 100 is on track to fall 0.7% despite hitting a record high at the close of trading last weekend.

Source: https://thanhnien.vn/ong-trump-noi-noi-dau-tu-thue-nhap-khau-la-cai-gia-xung-dang-185250203064608726.htm