Trump says he will issue executive order to charge Canada, Mexico 25% tariff on goods upon taking office
Published On Nov 25, 2024, 7:04 PM
President-elect Donald Trump has announced his intention to impose a 25% tariff on all goods imported from Canada and Mexico as part of an executive order he plans to issue upon taking office. He cites issues related to illegal immigration and drug trafficking, particularly fentanyl, as the reasons for the tariffs. Additionally, he plans to introduce a 10% tariff on Chinese goods due to the ongoing drug crisis linked to fentanyl smuggling. Canada has responded by reinforcing the importance of their trade relationship and border security efforts with the U.S.
Stock Forecasts
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Trump's tariff plans could lead to higher consumer prices and may prompt retaliation from affected countries, potentially impacting trade volumes. Companies heavily reliant on imported goods from these countries might see their costs increase, which could negatively impact their stock performance.
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