The US President Donald Trump has increased tariffs on Chinese goods to 20%. They will take effect on March 4.
Bloomberg writes about this.
Trump has already signed an executive order saying Beijing has “failed to take adequate measures” to combat the flow of fentanyl
"Thereʼs no room left for Mexico or Canada. Everything is ready. They go into effect tomorrow," Trump said of the tariffs.
Trump believes that tariffs will “bring justice to the people” — this is how he “punishes” countries that “take from the US economy without giving anything in return”. Meanwhile, economic experts are talking about the beginning of a large-scale trade war, as countries are preparing a retaliatory strike, in particular, Canada may introduce tariffs against the US. China is also considering this option.
Trumpʼs plans risk weakening the US economy, which is already showing signs of strain. Stocks and cryptocurrencies have fallen from recent record highs, as has consumer confidence, and inflation continues to simmer. A new tariff war could trigger a faster development.
Trump also plans to impose other tariffs based on reports he will receive from US agencies by April 1. He also wants to impose sectoral tariffs on cars, semiconductor chips and pharmaceuticals, which he could impose as early as April 2.
- Trump announced plans to impose tariffs on Canadian, Mexican, and Chinese goods on February 2. Allegedly because of illegal migration and drug trafficking that enter the United States through these countries. Canada and Mexico were threatened with 25% tariffs, and China with 10%. Later, Trump wanted to increase Chinese tariffs by another 10%.
- The tariffs against China went into effect on February 4. At the same time, Trump gave Mexico and Canada a one-month reprieve, until March 4, to try to resolve the situation.
For more news and in-depth stories from Ukraine please follow us on X.