Business, Finance & Tech
Trump Confirms 25% Tariffs on Mexico & Canada, Additional 10% on China
President Donald Trump has confirmed that sweeping 25% tariffs on imports from Mexico and Canada will go into effect on March 4, ending a one-month pause that had created uncertainty about their implementation. Additionally, China—already facing 10% U.S. tariffs—will be hit with another 10% increase, bringing total U.S. tariffs on Chinese imports to 20%.
The move was announced in a Truth Social post on Thursday, where Trump claimed, without providing evidence, that illicit drugs continue to enter the U.S. from Mexico and Canada at unacceptable levels.
"We cannot allow this scourge to continue to harm the USA," Trump wrote. "Until it stops or is seriously limited, the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled."
Trump also reiterated that April 2 reciprocal tariffs remain in effect, though he did not specify additional measures. Furthermore, he stated that 25% tariffs on the European Union are coming, though no implementation date was provided.
The market reaction was mixed. Dow Jones Industrial Average futures initially turned negative following Trump’s announcement, but rebounded after markets opened.
The confirmation comes after weeks of confusion surrounding the delayed tariffs on Mexico and Canada, which were originally set to resume after a one-month suspension on February 3. Now, with March 4 fast approaching, businesses and trade partners face renewed economic uncertainty over the escalating tariff policies.
(Credit: Market Briefs)
For more financial updates, visit NBCPalmSprings.com, where we are connecting the Valley.
By: NBC Palm Springs
February 28, 2025
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