Trump Slaps 25% Tariffs On Canada & Mexico, 10% On China
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by Tyler Durden
Friday, Jan 31, 2025 - 11:33 AM
Tomorrow, February 1, the Trump administration will slap 25% tariffs on Canada and Mexico, and a 10% tariff on China, as announced during Friday's press briefing by White House spox Karoline Leavitt, who denied reports of a delay to March 1.
There will be no delay, selective targeting, or slow roll-out of phased-in tariffs as speculated by Goldman Sachs and Deutsche Bank.
That said, there could be certain exemptions - such as for oil and gas, which Leavitt did not elaborate on. For now, all we have to go on is Trump's most recent comments on oil:
"It depends on what the price is. If the oil is properly priced, if they treat us properly — which they don’t," he said Thursday while speaking with reporters.
The United States imported nearly 4.6 million barrels of oil per day from Canada in October, and 563,000 barrels from Mexico. Daily US production over the same period averaged nearly 13.5 million barrels per day.
https://www.zerohedge.com/political/trump-slaps-25-tariffs-canada-mexico-10-china