Washington: US President Donald Trump announced extraordinary new tariffs on Mexico, Canada, and China. The President declared the national emergency under the International Emergency Economic Powers Act and the National Emergencies Act to back the tariffs, citing the "extraordinary threat" from fentanyl and illegal immigration. The law gives the president broad powers to impose economic and financial sanctions in times of crisis.
According to Qatar News Agency, the Trump administration said tariffs are aimed at curbing the flow of drugs and undocumented immigrants into the US, but they potentially risk substantial price increases for American consumers across an array of common goods. Trump signed three separate executive orders on Saturday, imposing a significant 25% duty on all imports from Mexico and most goods from Canada, and a 10% tariff on Chinese goods imported into the United States.
However, the tariff on Canadian energy products will be 10%. Many Americans rely on Canadian energy products, including oil, electricity, and natural gas, for fuel and home heating. The cost of those items could rise when the tariffs hit.
Mexico and Canada, the top two US trading partners, immediately vowed retaliatory tariffs, while China said it would challenge Trump's move at the World Trade Organization and take other "countermeasures."