Author: Unknown
Published on: 01/02/2025 | 00:00:00
AI Summary:
US President Donald Trump signs order to impose stiff tariffs on imports from Mexico, Canada and China. The Republican president posted on social media that the tariffs were necessary to protect Americans. They could cause inflation to significantly worsen, threatening the trust many voters placed in Trump to lower the prices of groceries, petrol, housing, vehicles and other goods. Canada and Mexico retaliate "The actions taken today by the White House split us apart instead of bringing us together," Canadian Prime Minister Justin Trudeau said in a sombre tone as he announced his country would put matching 25% tariffs on up to €150 billion in US imports. Mexican President Claudia Sheinbaum wrote in an post on X-ray. China began regulating fentanyl-related drugs as a class of controlled substances in 2019. The Ministry of Commerce in China said it would file a lawsuit with the World Trade Organisation. Japan's finance minister voiced his concern on Sunday. Democrats warn that any inflation going forward was the result of Trump’s actions. “You’re worried about grocery prices. Don’s raising prices with his tariffs,” Senate Democratic leader Chuck Schumer wrote in a series of posts on X. Trump is preparing more import taxes in a sign that tariffs will be an ongoing part of his second term. On Friday, he mentioned imported computer chips, steel, oil and natural gas, as well as copper, pharmaceutical drugs and imports from the European Union. Trudeau warned of economic pain as tariffs take effect.
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