WASHINGTON: On Saturday, U.S. President Donald Trump will impose a 25% tariff on imports from Canada and Mexico, as well as a 10% tariff on Chinese goods, effective immediately, according to White House spokesperson Karoline Leavitt.
“The President is set to impose 25% tariffs on both Canada and Mexico, and a 10% tariff on China, due to their involvement in the illegal fentanyl trade, which has contributed to the deaths of millions of Americans,” Leavitt stated at a White House press briefing.
Earlier, Reuters cited sources familiar with the tariff discussions, suggesting that Trump would announce the tariffs on Saturday but postpone their enforcement until March 1. The report also mentioned a potential process for exempting specific imports. However, Leavitt dismissed the report as “false” but could not provide further details regarding exemptions.
She confirmed that the tariffs would be published on Saturday and would take effect immediately.
Leavitt’s remarks led to a rise in the U.S. dollar, especially against the Mexican peso and the Canadian dollar, both of which had gained earlier following the Reuters report. Treasury bond yields also climbed, while stock prices reversed, dipping lower.
During Trump’s earlier tariff impositions on Chinese goods in 2018 and 2019, there was typically a two- to three-week delay for Customs and Border Protection to begin collecting the tariffs, as notices had to be issued to importers.
Unnamed sources who had spoken with Reuters indicated that while the final tariff rate details were not available, Trump had consistently mentioned his intention to enforce a 25% tariff on imports from Canada and Mexico on Saturday.
