In his joint address to Congress, President Donald Trump is expected to lay out his America first vision, and *** major pillar of that is *** dramatic reshaping of US trade policy. Two of America's top trading partners, Canada and Mexico, now subject to sweeping 25% tariffs that took effect at midnight. President Trump has also said he would hike the tax on Chinese imports to 20%. The president using tariffs as *** pressure tactic to eliminate trade imbalances. And try to stem the flow of deadly fentanyl. The White House is moving forward with implementation despite recent steps from Canada and Mexico aimed at addressing those border security concerns. Now those countries are expected to retaliate, and President Trump and Canadian leaders traded threats on Monday. It's going to be very costly for people to take advantage of this country. They can't come in and steal our money and steal our jobs and take our factories and take our businesses and expect. Not to be punished and they're being punished by tariffs. If they want to try to annihilate Ontario, I will do everything, uh, including cut off their energy with *** smile on my face. They need to feel the pain. They want to come at us hard. We're going to come back twice as hard. Those comments rattling the stock market as businesses and consumers brace for impact. Many economists suggest that American shoppers could see prices go up on *** range of products because of *** trade war, but the Trump administration has sought to downplay concerns that this could lead to *** spike in inflation. Reporting on Capitol Hill, I'm Jackie DiFusco.
Mexico to impose retaliatory tariffs on US goods
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Updated: 8:18 AM CST Mar 4, 2025
Mexico President Claudia Sheinbaum said Tuesday that Mexico will respond to 25% tariffs imposed by the United States with its own retaliatory tariffs on U.S. goods.Sheinbaum said she will announce the products Mexico will target on Sunday in a public event in Mexico City鈥檚 central plaza, perhaps indicating Mexico still hopes to de-escalate the trade war set off by U.S. President Donald Trump.鈥淭here is no motive or reason, nor justification that supports this decision that will affect our people and our nations,鈥� she said.The tariffs that had been threatened by President Donald Trump鈥檚 against Canada and Mexico went into effect Tuesday ratcheting up the risk of retaliations from the United States鈥� North American allies.Starting just past midnight, imports from Canada and Mexico are now to be taxed at 25%, with Canadian energy products subject to 10% import duties.Already on Tuesday, in reaction to tariffs on China, Beijing announced additional tariffs of up to 15% on imports of key U.S. farm products, including chicken, pork, soy and beef, and expanded controls on doing business with key U.S. companies.China's new tariffs will take effect starting March 10. They follow U.S. President Donald Trump鈥檚 order to raise tariffs on imports of Chinese products to 20% across the board. Those took effect on Tuesday, along with 25% tariffs on imports from Canada and Mexico.
MEXICO CITY — Mexico President Claudia Sheinbaum said Tuesday that Mexico will respond to 25% tariffs imposed by the United States with its own retaliatory tariffs on U.S. goods.
Sheinbaum said she will announce the products Mexico will target on Sunday in a public event in Mexico City鈥檚 central plaza, perhaps indicating Mexico still hopes to de-escalate the trade war set off by U.S. President Donald Trump.
鈥淭here is no motive or reason, nor justification that supports this decision that will affect our people and our nations,鈥� she said.
The tariffs that had been threatened by President Donald Trump鈥檚 against Canada and Mexico went into effect Tuesday ratcheting up the risk of retaliations from the United States鈥� North American allies.
Starting just past midnight, imports from Canada and Mexico are now to be taxed at 25%, with Canadian energy products subject to 10% import duties.
Already on Tuesday, in reaction to tariffs on China, Beijing announced additional tariffs of up to 15% on imports of key U.S. farm products, including chicken, pork, soy and beef, and expanded controls on doing business with key U.S. companies.
China's new tariffs will take effect starting March 10. They follow U.S. President Donald Trump鈥檚 order to raise tariffs on imports of Chinese products to 20% across the board. Those took effect on Tuesday, along with 25% tariffs on imports from Canada and Mexico.
