WASHINGTON (AP) – President Donald Trump says he will put in place 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China effective Saturday.
That raises the specter of swift price increases for U.S. consumers, although Trump suggests he will try to blunt the impact on oil imports.
Trump had been threatening the tariffs to ensure greater cooperation on stopping illegal immigration and the smuggling of chemicals used for fentanyl.
He has also pledged to use tariffs to boost domestic manufacturing and raise revenues for the federal government.
Both Canada and Mexico say they’ve prepared the option of retaliatory tariffs if necessary.
