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Trump vows to impose additional 10% tariff on Chinese goods and 25% tariff on goods imported from Canada and Mexico, a rollback from earlier promise
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Donald Trump said he will impose an additional tariff of 10% on Chinese goods and 25% on goods imported from Mexico and Canada once he takes office.
“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,” he said in a post on Truth Social.
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Trump had said during campaigns that he will impose additional 60% tariff on Chinese goods and 100% tariff on goods imported from Mexico. He had also promised to impose a 10% tariff on goods imported from Europe.
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Shares in European automakers reacted negatively to Trump’s pledges. Volkswagen shed more than 2.1%.
Assessment
Trump’s new vows one month before taking office indicates that he was serious about the tariffs. However, the fact that he has rollback on China and Mexico tariffs could signal that his new tariff for Europe will be much less.