President Donald Trump announced Monday that 25% tariffs on imports from Mexico and Canada will take effect Tuesday, March 4, reigniting concerns of a full-blown North American trade war.
The move, declared in the Roosevelt Room, ends a one-month reprieve granted in February after both nations pledged to ramp up efforts against fentanyl trafficking—a key Trump demand unmet to his satisfaction.
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“Tomorrow—tariffs 25% on Canada and 25% on Mexico. And that’ll start,” Trump told reporters, signaling no further delays. “There’s no room left for Mexico or for Canada,” he added, dismissing their concessions as insufficient to curb the flow of the deadly opioid into the U.S.
The tariffs, first threatened during Trump’s campaign, aim to pressure the U.S.’s top trade partners, who’ve faced his ire over border security and drug smuggling since he reclaimed the White House in January.
U.S. stock markets took a nosedive after Trump’s remarks, with the Dow dropping 2% by midday as investors braced for economic fallout.
The tariffs, set to hit everything from Canadian lumber to Mexican avocados, threaten to disrupt over $2 trillion in annual trade with the two neighbors. Trump also piled on, announcing an additional 10% tariff on Chinese goods—stacked atop the 10% levy he rolled out last month—escalating tensions with Beijing as well.
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The February pause came after Mexican President Claudia Sheinbaum deployed 10,000 National Guard troops to her northern border and Canadian Prime Minister Justin Trudeau bolstered enforcement, but Trump’s patience has run dry.
“They promised action, but I’m not seeing it,” he said, echoing a hardline stance that’s rattled North American supply chains already strained by his border policies—like the 3,000 troops sent south last week.
Trump’s doubled-down 20% China tariff—now atop February’s 10%—adds fuel to the fire, risking broader inflation just as his tax-cut push gains steam.
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