President Trump plans to impose tariffs on the European Union (EU). His administration has discussed imposing a 10% tariff on Chinese imports by February 1st. This decision was made “based on the fact that they’re sending fentanyl to Mexico and Canada.” Trump had threatened to impose a 25% tariff on Mexico and Canada previously based on accusations that they were sending migrants and drugs to the US illegally. Moreover, in a Washington press conference held on Tuesday, Trump also promised to put tariffs on the European Union. He said, “China is an abuser, but the European Union is very, very bad to us.” He added that the European Union’s treatment of the US is unfair, so “they’re going to be in for tariffs.” This is Trump’s way of getting back to them and the only way “to get fairness.” Federal agencies were instructed to review the existing trade deals to uncover unfair practices by the US trading partners right after Donald Trump took over the Oval Office on Monday. Navarro defends Trump’s tariff threats to combat fentanyl crisis White House trade adviser Peter Navarro stated early Tuesday that Trump’s threat of tariffs on Canada and Mexico was aimed at pressuring the countries to curb illegal migration and drug trafficking into the US He said: The reason why he’s considering 25, 25 and 10 (percent), or whatever it’s going to be, on Canada, Mexico, and China, is because 300 Americans die every day” from fentanyl overdoses. Peter Navarro At the World Economic Forum in Davos, a Chinese official in a higher position opposed protectionism. Ding Xuexiang, the country’s vice president, demands a “win-win” solution to trading issues without mentioning the US. During his campaign, Trump had talked about 60% of tariffs on China-based imports. Global leaders vow to counter Trump’s tariffs Justin Trudeau, the Prime Minister of Canada, said that if Trump moves on to impose tariffs on Canada , the state will react, and all options are on the table. Ottawa is also getting back to the US in reactionary tariffs worth billions of dollars, reportedly. Mexican President Claudia Sheinbaum stated that she would prioritize Mexico’s sovereignty and independence and respond to US actions “step by step.” She also clarified that the US-Mexico-Canada free trade agreement would not be renegotiated until 2026. This statement was meant to preempt any suggestions that Trump would push for an early overhaul of the pact, which supports over $1.8 trillion in annual trade. Although China, Mexico, and Canada are the US’s top trading partners for the US, President Trump takes these tariffs as a way to increase growth, promote jobs, and generate more tax revenue. However, according to several economists, this could result in higher prices for Americans and affect the companies by foreign counters. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
