Mr. Trump announced a 25% tax on goods from Canada and Mexico and a 10% tax on goods from China.

President-elect Donald Trump has pledged to impose a 25% tariff on all products from Mexico and Canada from his first day in office and a 10% tariff on goods from China.

President-elect Donald Trump - Photo: REUTERS

Explaining this statement, President-elect Donald Trump said he would impose higher taxes on imported products from Mexico, Canada and China due to illegal immigration and illegal drug trafficking.

“As one of my first executive orders, on January 20 I will sign all necessary documents to impose a 25% tariff on all Mexican and Canadian products imported into the United States,” Mr. Trump said in a post on the social network Truth Social on November 25 (local time).

The president-elect said the tariffs would remain in place until both countries crack down on illegal drug trafficking, especially fentanyl, and reduce the flow of illegal migrants.

However, according to Reuters, the tariff level that Mr. Trump announced in his statement on November 25 appears to have violated the terms of the United States-Mexico-Canada Free Trade Agreement (USMCA).

Mr. Trump signed the USMCA in 2020, and the agreement continues to operate tariff-free between the three countries.

Mexico and Canada are the two largest trading partners of the United States. More than 83% of goods manufactured in Mexico were imported into the United States in 2023. Meanwhile, 75% of Canadian exports were imported into the United States.

Canada and the US had imposed sanctions on each other's exports during a period of tension before the two sides signed the USMCA.

As for China, President-elect Trump accused Beijing of not doing enough to stop the flow of illegal drugs into the United States from the Mexican border.

“Until they stop, we will impose an additional 10% tariff on all goods coming into the United States from China,” Mr. Trump declared.

The Chinese Embassy in Washington, Canadian Prime Minister Justin Trudeau's office and Canada's Ministry of Foreign Affairs have yet to comment on Mr. Trump's remarks.

On the other hand, economists say that Mr. Trump's plan to impose new tariffs on goods from Mexico, Canada and China could turn out to be the most damaging economic policy he has ever enacted.

This would push US import tariffs back to 1930s levels, causing inflation, collapsing US-China trade, thereby creating a wave of retaliation, leading to severe disruption of the supply chain.

Source: https://tuoitre.vn/ong-trump-tuyen-bo-ap-tax-25-doi-voi-hang-canada-mexico-va-10-doi-voi-hang-trung-quoc-20241126094203548.htm