Summary
Trump announced that 25% tariffs on imports from Canada and Mexico will take effect on February 1, though a decision on including oil remains pending.
He justified the move by citing undocumented migration, fentanyl trafficking, and trade deficits.
Trump also hinted at new tariffs on China.
Canada and Mexico plan retaliatory measures while seeking to address U.S. concerns.
If oil imports are taxed, it could raise costs for businesses and consumers, potentially contradicting Trump’s pledge to reduce living expenses.
If they really wanted this to work it should be something like a steadily increasing tariff over time instead of 25% right off the bat. But I don’t think they really care about it working as intended.
i gotta be honest, i’m not entirely sure what is intended. this decision doesn’t make sense to me!