President Trump announced he plans to impose an additional 10% tariff on Chinese imports. This follows a pledge to impose 25% tariffs on goods coming from Canada and Mexico, which Trump says is punishment for allowing drugs and illegal immigrants to enter the United States. All three tariffs may become effective Feb. 1, 2025. Foreign countries are expected to retaliate with tariffs on U.S. exports, which could harm domestic companies and increase inflation. Trump hasn’t yet imposed the universal tariff he threatened when campaigning for president. However, he’s instructed federal agencies to assess the feasibility of more tariffs and has indicated new action is likely forthcoming.
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