Trump shakes markets with tariff threats on China, Mexico, and Canada
Trump's tariff pledge sends markets tumbling with first major threat to global trade
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On November 25, US President-elect Donald Trump announced, through posts on his Truth Social platform, plans to impose an additional 10% tariff on Chinese goods and 25% tariffs on all products from Mexico and Canada.
Trump justified the new tariffs as essential to curbing illegal migration and drug trafficking across borders. He criticized China for not implementing the death penalty for fentanyl traffickers and claimed that “drugs are pouring into our Country, mostly through Mexico, at levels never seen before.”
“Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America,” Trump stated.
In another post, the incoming president pledged to impose a 25% tariff on "ALL products" from Mexico and Canada, stating his intention to sign an executive order to implement the measure on his first day in office.
US-China relations remain tense as political pressure mounts for confrontation. Unlike the military and ideological confrontation stemming from the Cold War of the 20th century, today's rivalry between the US and China points to issues surrounding technology and trade in key global sectors. The relationship has shifted from cooperative to competitive over the last decade, framing China as an adversary, rather than a partner. With both the US and China pushing their respective visions of governance, multilateral collaboration offers a path to reduce tensions.
Intrigued? Click on to find out more about the increasingly icy relations between these powerful nations.
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