Trump considers imposing 10% tariffs on China in February, vows to hit the EU

Source Cryptopolitan

President Trump is planning to put a 10% tariff on Chinese imports by February 1st. He decided this with his administration “based on the fact that they’re sending fentanyl to Mexico and Canada.”

According to a recent BBC report, Trump had threatened to impose a 25% tariff on Mexico and Canada previously on the basis of accusations that they were sending migrants and drugs to the US illegally.

Moreover, in a Washington press conference held on Tuesday, Trump promised to put tariffs on the European Union as well. He said, “China is an abuser, but the European Union is very, very bad to us.”

He added that the European Union’s treatment of the US is unfair, so “they’re going to be in for tariffs.” This is Trump’s way of getting back to them and the only way “to get fairness.”

Federal agencies were instructed to review the existing trade deals to uncover unfair practices by the US trading partners right after Donald Trump took over the Oval Office on Monday.

Targeted US trading partners ready for counter-tariffs

At the World Economic Forum in Davos, a Chinese official in a higher position opposed protectionism. Ding Xuexiang, the country’s vice president, demands a “win-win” solution to trading issues without mentioning the US.

During his campaign, Trump had talked about 60% of tariffs on China-based imports.

Justin Trudeau, the Prime Minister of Canada, said that if Trump moves on to impose tariffs on Canada, “Canada will respond, and everything is on the table.”

Ottawa is also getting back to the US in reactionary tariffs worth billions of dollars, reportedly.

Although China, Mexico, and Canada are the US’s top trading partners for the US, President Trump takes these tariffs as a way to increase growth, promote jobs, and generate more tax revenue.

However, this could result in higher prices for Americans and affect the companies by foreign counters, according to several economists.

Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Federal Reserve set to resume interest-rate cuts as concerns over labor market mountThe US Federal Reserve is expected to cut the policy rate for the first time in 2025.
Author  FXStreet
11 hours ago
The US Federal Reserve is expected to cut the policy rate for the first time in 2025.
placeholder
BoC expected to cut interest rate as growth slows and the labour market weakensThe Bank of Canada (BoC) is widely anticipated to reduce its benchmark interest rate by a quarter percentage point on Wednesday, taking it to 2.50% after three consecutive ‘on hold’ decisions.
Author  FXStreet
12 hours ago
The Bank of Canada (BoC) is widely anticipated to reduce its benchmark interest rate by a quarter percentage point on Wednesday, taking it to 2.50% after three consecutive ‘on hold’ decisions.
placeholder
Forex Today: The calm before the BoC and Fed storm The risk rally on global indices takes a breather amid a typical market caution heading into the key central bank event risks, with the US Federal Reserve (Fed) policy announcements eagerly awaited.
Author  FXStreet
14 hours ago
The risk rally on global indices takes a breather amid a typical market caution heading into the key central bank event risks, with the US Federal Reserve (Fed) policy announcements eagerly awaited.
placeholder
Pound Sterling faces pressure as UK inflation seems to peakThe Pound Sterling (GBP) faces selling pressure against its major peers on Wednesday after the release of the United Kingdom (UK) Consumer Price Index (CPI) data for August.
Author  FXStreet
14 hours ago
The Pound Sterling (GBP) faces selling pressure against its major peers on Wednesday after the release of the United Kingdom (UK) Consumer Price Index (CPI) data for August.
placeholder
The dollar weakened, equities dipped, and gold hit record highsThe dollar weakened, equities fell, and gold set new records on Wednesday as investors waited for a Fed rate cut later in the day.
Author  Cryptopolitan
14 hours ago
The dollar weakened, equities fell, and gold set new records on Wednesday as investors waited for a Fed rate cut later in the day.
goTop
quote