• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Editor's Pick

White House to impose tariffs on Mexico, Canada and China due to ‘invasion of illegal fentanyl’

by January 31, 2025
written by January 31, 2025

White House Press Secretary Karoline Leavitt confirmed that President Donald Trump will execute tariffs on Mexico, Canada and China starting Saturday.

Trump’s economic plan during his campaign called for extending the 2017 tax cuts and imposing tariffs ranging from 10% to 20% on all imported goods. For countries like China, that number could go up to 60%.

These countries will face these tariffs because they have allowed an ‘unprecedented invasion of illegal fentanyl that is killing American citizens,’ according to Leavitt. 

‘The president will be implementing tomorrow a 25% tariff on Mexico, 25% tariffs on Canada, and a 10% tariff on China for the illegal fentanyl they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans,’ Leavitt told reporters at a Friday White House press briefing. ‘These are promises made and promises kept.’

Canadian Prime Minister Justin Trudeau said Friday that Canada was prepared to respond to any tariffs executed, and warned there could be ‘disastrous consequences’ for American workers and consumers. 

‘We’re ready with a response, a purposeful, forceful but reasonable, immediate response,’ Trudeau said. ‘It’s not what we want, but if he moves forward, we will also act.’

Meanwhile, Leavitt said that the tariffs are not expected to spark a trade war with Canada and that Trump would respond to Trudeau in ‘due time.’ 

‘The president is intent on doing this,’ Leavitt said. ‘And I think Justin Trudeau would be wise to talk to President Trump directly before pushing outlandish comments like that to the media.’

When asked if Mexico, Canada or China could offer any concessions to remove these new tariffs, Leavitt said Trump would decide at a later date. 

‘If the president at any time decides to roll back those tariffs, I’ll leave it to him to make that decision,’ Leavitt said. ‘The president is intent on ensuring that he effectively implements tariffs while cutting inflation costs for the American people.’ 

House Republicans moved to reintroduce the U.S. Reciprocal Trade Act on Jan. 24, a measure that would permit Trump to unilaterally impose trade taxes on both adversaries and allies. 

Trump previously praised the measure in 2019, claiming it would ‘give our workers a fair and level playing field against other countries.’

Meanwhile, House Democrats Reps. Suzan DelBene, D-Wash., and Don Beyer, D-Va., also introduced their own legislation in January that would block Trump from using emergency powers to implement tariffs, amid concerns that American consumers would end up footing the bill.

‘The American people have clearly and consistently said that the high cost of living is one of their top concerns,’ DelBene said in a statement on Jan. 15. ‘Not only would widespread tariffs drive up costs at home and likely send our economy into recession, but they would likely lead to significant retaliation, hurting American workers, farmers, and businesses.’

The Associated Press and Fox News’ Elizabeth Elkind contributed to this report. 

This post appeared first on FOX NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Sports bar chain Twin Peaks is going public. These restaurant companies are the next to watch.
next post
Since taking office, what are the legal challenges launched against the Trump admin?

related articles

Trump’s Energy Department is taking back our home...

June 16, 2025

Could private security contractors be the ‘day after’...

June 16, 2025

US needs a new Monroe Doctrine — this...

June 16, 2025

I know why the UN Security Council is...

June 16, 2025

Trump endorses House freshman for reelection less than...

June 16, 2025

Trump says Israel and Iran ‘have to fight...

June 16, 2025

Israeli official rejects Trump’s call for Iran deal:...

June 15, 2025

Karine Jean-Pierre abandons Dems after years fiercely defending...

June 15, 2025

Dems ‘deliberately obfuscating’ truth about ‘big, beautiful bill’...

June 15, 2025

Former Clinton aide Huma Abedin, Alex Soros marry...

June 15, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • SEC charges Robinhood with securities violations; brokerage to pay $45 million penalty

    January 14, 2025
  • From Bunge’s Viterra deal to Shein’s IPO: US-China trade war derails major cross-border deals

    May 3, 2025
  • Long COIN: Coinbase Signal Bullish Reversal, Price Expansion Ahead Amid a Second Quarter in Trading Range

    July 19, 2024
  • CAUGHT ON CAMERA: Turkish leaders brawl at council meeting over the cost of Republic Day

    November 8, 2024
  • AUDUSD and AUDNZD: AUDUSD near new weekly high

    August 16, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,957)
  • Investing (634)
  • Stock (800)

Latest Posts

  • JASON CHAFFETZ: Democrats have a major problem and they can’t fake their way out of it

    March 16, 2025
  • ‘Too little, too late’: Former rap mogul reveals why he’s endorsing Trump in scathing rebuke of Biden-Harris

    October 25, 2024
  • White House pushes back on report claiming some canceled DOGE contracts won’t save taxpayers money

    February 25, 2025

Recent Posts

  • Memeinator vs Bonk: should you bet on the new crypto contender MMTR?

    August 9, 2024
  • Republicans seek to block the reappointment of UN official accused of antisemitism

    April 2, 2025
  • DNC policy platform slammed over ‘explicit’ Title IX protections for LGBT students: ‘Flagrant lawlessness’

    August 20, 2024

Editor’s Pick

  • Musk’s DOGE takes aim at ‘viper’s nest’ federal agency with global footprint

    February 3, 2025
  • 26 Republican attorneys general join Virginia in petitioning Supreme Court to rule on voter roll

    October 29, 2024
  • FTC launches probe into ‘surveillance pricing’ that it says links cost to customer data

    July 24, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock