U.S. President Donald Trump Announces New Tariffs

In a significant move, U.S. President Donald Trump has declared an additional universal tariff of 10 percent on China, set to take effect on March 4. This decision comes alongside the confirmation that tariffs of 25 percent on Mexico and Canada will also be implemented on the same day.

Background of the Tariff Decision

Trump explained that these new tariffs on Chinese imports are in addition to the 10% tariff introduced on February 4, aimed at combating the fentanyl opioid crisis. He expressed dissatisfaction with the progress made by Mexico and Canada in curbing fentanyl shipments into the U.S., stating, "I don't see that at all. No, not on drugs."

Trump's Statement on Truth Social

On February 27, Trump took to Truth Social to voice his concerns, "Drugs are still pouring into our Country from Mexico and Canada at very high and unacceptable levels," and emphasized the role of China in this crisis. He highlighted the devastating impact of these drugs, stating, "More than 100,000 people died last year due to the distribution of these dangerous and highly addictive POISONS."

Reciprocal Tariff Date Remains

Trump also mentioned that the reciprocal tariff date of April 2nd would remain in effect, underscoring the administration's commitment to addressing the opioid crisis through these economic measures.

China's Retaliatory Measures

In response to the U.S. tariffs, China has imposed its own set of retaliatory tariffs, including a 15 percent tariff on U.S. coal and liquefied natural gas (LNG), and a 10 percent tariff on crude oil, agricultural machinery, large vehicles, and pickup trucks.