On Thursday, President Donald Trump said that he would soon make a decision on whether Canadian and Mexican oil imports would be exempted from the impending 25% tariffs he intends to impose on their products starting Saturday.
Trump stated that the exclusion decision would likely be made on Thursday night, weighted on prices and on whether the two nations have treated the U.S. “properly” or not.
The 25% tariffs on Mexico and Canada are set to go into effect on February 1. The move aims to pressure the two countries to crack down on illegal migrants and cross-border shipments of fentanyl into the U.S.
Trump mentioned that the tariffs would be enforced “for a number of reasons,” and indicated that the rate “may or may not increase over time.”
Additionally, the US President also threatened to impose a 10% duty on all Chinese imports, in part due to China’s role in the fentanyl trade. The tariffs would be imposed on top of existing tariffs on $370 billion worth of Chinese goods during Trump’s first term.
In 2023, Chinese President Xi Jinping vowed to collaborate with then-President Joe Biden to limit fentanyl shipments to the U.S., while urging Washington to address the domestic demand for drugs.
