Donald Trump has signed three executive orders green-lighting trade tariffs against China, Mexico and Canada.
The tariffs are worth up to 25 per cent on all imports to the US – and could be just the start of a trade war with America’s biggest importers.
A White House official said on Saturday that the executive orders would also contain “retaliation clauses”, so that if a country tried to retaliate with tariffs on US products, it would face further tariff hikes in return.
Canada will now be subject to a 25 per cent tax on all imports to the US – except on energy products, which will only see a 10 per cent tariff.
Mexico – the US’s second-largest trade partner – will see a blanket 25 per cent tariff.
And China, the largest importer to the US by over $100billion, will be subjected to a 10 per cent rate on all imports, on top of existing levies.
The White House says the triple move is designed to crack down on a national emergency over fentanyl and illegal migration – and has vowed that there will be no exclusions from the tariffs.
Trump’s press secretary Karoline Leavitt had said yesterday that the tariffs were revenge “for illegal fentanyl they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans”.
Also on Friday, Trump had himself said: “There could be some temporary, short-term disruption, and people will understand that.
“But the tariffs are going to make us very rich and very strong,” he added.
“And we’re going to treat other countries very fairly.”
More to follow…