President Donald Trump announced broad tariffs Saturday on major US trading partners Canada, Mexico and China, claiming a 'major threat' from illegal immigration and drugs -- a move that sparked promises of retaliation.
Mexico, Canada, Beijing vow to slap retaliatory tariffs: Trudeau says Canada-US ties now fractured: Beijing threatens countermeasuresPresident Donald Trump announced broad tariffs Saturday on major US trading partners Canada, Mexico and China, claiming a"major threat" from illegal immigration and drugs -- a move that sparked promises of retaliation.
The aim is to hold all three countries"accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country," the White House added. Sheinbaum said she had told her economy minister"to implement Plan B that we have been working on, which includes tariff and non-tariff measures in defense of Mexico's interests."
China said Sunday it"firmly opposes" new tariffs imposed on Beijing by US President Donald Trump, vowing to take"corresponding countermeasures to resolutely safeguard our own rights and interests". "Tariffs are a powerful, proven source of leverage for protecting the national interest," the White House said."The tariff action announced today makes clear that our friends, neighbors and Free Trade Agreement partners are in the line of fire," said Wendy Cutler, vice president at the Asia Society Policy Institute and a former US trade negotiator.
He expects inflation would rise by 0.7 percentage points in the first quarter this year with the tariffs in place, before gradually easing.
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