The US president is considering charging import duties on products from his neighbors and trading partners.
The new president of the United States, donald trump, signed dozens of executive orders this Monday, hours after assuming power in Washington, among which are restrictions on immigrationthe exit of the Paris Agreement and changes in energy policy. Also announced when it will impose new tariffs on Mexico and Canadaalthough he avoided referring to China.
After the inauguration ceremony, the Republican president went to the Oval Office to begin signing the first government actions to implement his new economic, political and social plan. “Shock for the system,” an advisor had anticipated regarding the battery of measures that the tycoon is preparing for his first days. “Your heads will spin when you see what is going to happen,” Trump himself anticipated some time ago.
Among the first measures signed by the 47th President of the United States, restrictions on immigration policy and changes in the country’s energy strategy took center stage. The same as the United States leaving the Paris Agreement, once again, as it had done in its first term, a decision that had been reversed by Joe Biden.
Trump evaluates applying a 25% tariff on products from Mexico and Canada
Regarding tariff barriers, the head of state has not yet moved forward with the imposition of import duties. However, he announced when it will come into force. “We are thinking of imposing 25% tariffs on Mexico and Canada, because they are allowing a certain amount of people” to cross the border, Trump said. Additionally, he called Canada “a bad abuser” and noted that the deadline for tariffs would be “I think February 1.”
The new economic measures against its neighbors and trading partners are part of a plan with which plans to impose 10% tariffs on all countriesaccording to CNBC. A percentage that could escalate over time. A measure of such caliber could severely affect Canada’s economy: trade between the two amounts to $500 billion a year.
Among the reasons that push the American to review trade policy with Mexico is the establishment of Chinese companies in said territory, to produce and export products to the United States, avoiding the tariff barriers that Trump and Biden imposed on Xi Jinping’s government.
“I will immediately begin reforming our trade system to protect American workers and families,” he said Monday during his inauguration speech. And he referred to how its implementation will be: “Instead of taxing our citizens to enrich other countries, “We will apply tariffs and taxes to foreign countries to enrich our citizens.”
Trump created an office to collect tariffs and spoke about China
In this context, the president took the first step to create a new office that will collect taxes from import duties. It is about the External Revenue Service. According to him, his trade policy will cause “massive amounts of money” to enter federal coffers. Currently, that power is carried out by the United States Customs and Border Protection.
Last week, the magnate announced the decision to create the new area for tax collection. “We will start charging those who make money off of us from trade, and they will start paying, Finally, your fair share. January 20, 2025 will be the date of birth of the External Revenue Service,” he announced.
During his first day in office, the President of USA was consulted regarding a possible increase in tariffs to China. The magnate avoided specifying whether there will be new sanctions, he simply said that those that those he imposed during his first term are still in force.
Source: Ambito
I’m a recent graduate of the University of Missouri with a degree in journalism. I started working as a news reporter for 24 Hours World about two years ago, and I’ve been writing articles ever since. My main focus is automotive news, but I’ve also written about politics, lifestyle, and entertainment.
