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Trump vows tariffs on Mexico and Canada and deeper tariffs on China
President-elect attacks neighbors over immigration and accuses China over fentanyl entering US, prompting embassy to say ‘no one will win in a trade war’
“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,” Trump said in a post on Truth Social. “While the USMCA agreement is technically only up for renegotiation in 2026, Trump is likely trying to kickstart the renewal process early with Canada and Mexico through today’s tariff announcements,” said Alex Loo, a foreign exchange and macro strategist at TD Securities. Trump’s proposal comes just days after he picked hedge fund manager Scott Bessent to be his treasury secretary – a move many Wall Street executives believe signalled a willingness to moderate his approach to tariffs.
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