Long-threatened tariffs from U.S. President Donald Trump have plunged the country into a trade war abroad — all while on-again, off-again new levies continue to escalate uncertainty. Since taking office less than two months ago,
The leaders of both Canada and Mexico got on the phone with President Donald Trump this past week to seek solutions after he slapped tariffs on their countries, but China’s president appears unlikely to make a similar call soon.
Starting just past midnight Tuesday, imports from Canada and Mexico are now taxed at 25%, with Canadian energy products getting tariffed at 10%.
Donald Trump admitted that the impending tariffs on imported goods will cause an economic "disruption" and period of "transition."
National Economic Council director Kevin Hassett said in an interview with ABC News' "This Week" that the tariffs are not meant to start a trade war. "What happened was that we launched a drug war, not a trade war, and it was part of the negotiation to get Canada and Mexico to stop shipping fentanyl across our borders," Hassett said.
President Donald Trump delivered on his threat to hit Canada and Mexico with sweeping import levies and doubled an existing charge on China, spurring swift reprisals that plunged the world economy into a deepening trade war.
The ongoing trade tensions between the United States and China are once again making headlines. President Donald Trump imposed an additional 10% tariff on Chinese imports this week, bringing total U.S.