Trump Says 25 Percent Tariffs on Canada and Mexico Begin Feb. 1

Although President Donald Trump didn’t impose tariffs against Mexico and Canada right away as he previously stated, he told reporters on Monday that he will impose 25 percent duties on imports from our North American neighbors beginning February 1. Trump made the announcement to reporters while signing executive orders in the Oval Office on his first day back in the Oval Office.

Reporters did ask whether he would impose an across-the-board tariff on all imports, and the president said, “We may, but we aren’t ready for that right now.”

Trump also held off on imposing day-one tariffs on Chinese goods, instead ordering his administration to investigate whether Beijing had lived up to the Phase One Trade Deal from his first term.

In response, Canadian officials said that they would be ready to retaliate against potential U.S. tariffs.

Among the numerous executive orders Trump signed Monday included one that directs the U.S. Commerce and Treasury secretaries and U.S. Trade Representative to investigate U.S. trade deficits, among those, record Ag trade deficits, review existing trade deals for improvements, and look at how to build an “External Revenue Service” to collect tariffs. Trump also direct federal agencies to investigate unfair trade practices and alleged currency manipulation by other countries.

Source: NAFB News Service