President Trump says tariffs on neighbors will go into effect
WASHINGTON (Gray DC) - President Donald Trump says 25 percent tariffs on imports from Canada and Mexico will go into effect Midnight Monday as scheduled. The announcement comes alongside new semiconductor manufacturing investments from Taiwanese giant TSMC in the U.S.
After initially pushing off the levies for a month to allow room for negotiations, the president said there was no longer a chance to find an agreement before midnight.
Many economists believe a trade war will lead to higher prices for Americans who are likely to bear the burden of added costs.
In his push to bring more investment into the U.S., President Trump is also using this opportunity to penalize neighboring countries over immigration enforcement, unbalanced trade agreements, and drug trafficking.
President Trump also said an extra 10 percent tariff will be slapped on already existing tariffs on Chinese goods. The stock market tumbled Monday as the president confirmed no agreement to stave off the tariffs came together, and all the penalties would be going into effect as scheduled.
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