"This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!" On his Truth Social page, Donald Trump posted.
In reaction to the illegal drug trade and immigration, US President-elect Donald Trump announced Monday that he plans to slap a 10 percent tax on imports from China and a 25 percent tariff on goods from Canada and Mexico.In a series of postings on his Truth Social social media account, Trump pledged to punish some of the United States' top trading partners with sweeping tariffs on all goods entering the country.
"On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% tariff on ALL products coming into the United States, and its ridiculous Open Borders," wrote the president.
Moments later, the former president announced in another post that he would also impose a 10 percent tariff, "above any additional Tariffs," on all of China's goods coming into the United States in retaliation for its inaction on combating fentanyl smuggling.
A major component of Trump's economic program is tariffs; during his campaign trail prior to his victory on November 5, the Republican president-elect promised sweeping levies on both allies and enemies.
Since tariffs are mostly paid for by importers who bring the goods into the US, who frequently pass those costs on to consumers, many economists have cautioned that they will hinder growth and increase inflation.
However, members of Trump's inner circle have maintained that the tariffs are a practical tool that the US may use to pressure its trading partners into accepting better terms and to reintroduce manufacturing jobs from abroad.
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