Incoming US President, Donald Trump, has confirmed tariff hikes for Mexico, Canada and China as one of his first executive orders in January.
Shortly after he takes up office on January 20th, he will be imposing a 25% tariff on all Mexican and Canadian products and an increase of 10% on Chinese products, according to his post on the Truth Media platform this week.
83% of Mexico’s total exports go to the United States, while 75% of Canada’s exports and around 17% of Chinese exports are also US bound. The North American country is the largest importer of goods worldwide and Mexico, China and Canada are its largest three suppliers.
Trump said about Mexico and Canada “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.”
On China, Trump said that he “had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States – But to no avail” also confirming “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.”
During a bitter election campaign, Trump threatened to raise tariffs on Chinese imports by up to 60%, while also suggesting a 10-20% tariff hike for global imports. However, he has not yet confirmed any tariff changes for global products, which we assume would include the UK.