US President Donald Trump shut down hopes Monday of an eleventh-hour deal with Canada and Mexico to avert sweeping tariffs, while signing an order to further hike duties on China.
Trump had unveiled -- and then paused -- blanket tariffs on imports from major trading partners Canada and Mexico in February, accusing them of failing to stop illegal immigration and drug trafficking.
Asian markets fell on opening Tuesday, with Japan's Nikkei index dropping more than two percent and Hong Kong's Hang Seng down 1.5 percent after Trump's latest tariff actions. This could complicate Trump's efforts to fulfill his campaign promises of lowering prices for Americans. Former US officials see Trump's tariffs over drugs like fentanyl as a means to tackle socio-economic problems -- while providing legal justifications to move quickly.But using emergency economic powers to impose tariffs on Canada, Mexico and China is a novel move, and could trigger lawsuits.Mexican President Claudia Sheinbaum said her country has contingency plans, whatever decision Trump takes.
Robert Dietz, chief economist at the National Association of Home Builders, told AFP the group expects a possible"combined duty tariff rate of above 50 percent on Canadian lumber" as proposed duties add up. "Any use of tariffs should be strategic and targeted, focusing on specific US national security goals and unfair Chinese economic practices," the council's president Sean Stein said.
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