U.S. President Donald Trump announced on Monday that new tariffs of 25 percent on imports from Mexico and Canada will take effect on Tuesday, March 4. Speaking at the White House, Trump emphasized the importance of domestic production, stating, \"Very importantly, tomorrow, tariffs, 25 percent on Canada and 25 percent on Mexico, and that'll start.\" He urged Mexico and Canada to build their car plants and other facilities within the United States to avoid the tariffs.
In addition to the initial tariffs, Trump revealed that reciprocal tariffs would begin on April 2. These measures follow an executive order signed on February 1, which included a specific 10 percent tariff increase on Canadian energy products. On February 3, Trump had deferred the implementation of these additional tariffs to allow more time for negotiations.
The announcement has had immediate effects on the U.S. stock market, causing significant declines as investors react to the potential implications for trade relations and economic growth.
