Donald Trump says 'nothing' China, Canada and Mexico can do to delay Feb 1 tariffs
Trump said on Friday he would impose hefty new tariffs of 25% on goods from Mexico and Canada and 10% on imports from China, and nothing could be done by the three countries to forestall them.
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Trump did, however, reference a potential carve out for oil from Canada, saying that rate would be 10% versus the 25% planned for other goods from the United States' northern neighbor. But he indicated wider tariffs on oil and natural gas would be coming in mid-February, remarks that sent oil prices higher.
Trump has been threatening the tariffs for weeks, saying they would be imposed on Feb. 1 and remain in place until the countries did more to stem the flow of both migrants and fentanyl over the U.S. border.
Speaking to reporters in the Oval Office as he was signing executive orders, Trump said he understood the duties could result in higher costs being passed on to consumers and acknowledged his actions may cause disruptions in the short term. Most economists estimate such sweeping import taxes, and the likely retaliation, would disrupt economic activity around the globe.
Asked if there was any opportunity at this stage for the three top U.S. trading partners to win a delay, Trump said: «No, no. Not right now, no.»
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