Donald Trump plans steep tariffs on Canada, Mexico, and China, sparking trade war fears and raising concerns over USMCA violations and global economic impacts.
President-elect Donald Trump has announced plans to impose significant tariffs on Canada, Mexico, and China, raising concerns about potential trade conflicts.
Trump, set to take office on 20 January, pledged a 25% tariff on all imports from Canada and Mexico to address drug trafficking, particularly fentanyl, and migration issues, despite potential violations of the US-Mexico-Canada Agreement (USMCA). Additionally, he proposed a 10% tariff on Chinese imports, citing insufficient action by Beijing to curb fentanyl-related exports.
The USMCA, signed under Trump in 2020, established duty-free trade among the three nations, but Trump's proposed tariffs could breach its terms. Experts suggest this move may be a negotiating tactic for early discussions on revising the agreement before its 2026 renewal.
Canada's Prime Minister Justin Trudeau and Mexican officials have urged dialogue over escalating tensions.
China rejected the accusations, emphasising its anti-drug efforts and warning against trade wars, which it argued harm all parties involved. The Chinese government expressed willingness to continue cooperation on drug control while calling for mutual respect and equitable collaboration.
Economists warn that implementing these tariffs could escalate inflation, disrupt supply chains, provoke retaliation, and severely impact global trade.
The US accounted for a significant share of exports from both Canada and Mexico in 2023, while China faces domestic economic challenges, including a property downturn and weak demand.
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Start your day informed with the AnewZ Morning Brief. Here are the top stories for 14 June, covering the latest developments you need to know.
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
U.S. and Iranian officials said they had agreed on a framework to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, a preliminary pact that sent oil prices falling but leaves the fate of Iran's nuclear program to further negotiations.
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