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Trump to Enact Tariffs on Mexico, Canada and China Starting Feb. 1
President Donald Trump announced that he will be implementing new tariffs on imports from Mexico and Canada, two of the United States’ biggest trading partners, as well as a separate 10% tariff on Chinese goods, starting February 1st.
According to White House spokeswoman Karoline Leavitt, these tariffs aim to address the flow of undocumented immigrants and illicit drugs entering the country. The tariffs will not only impact trade between the U.S., Mexico, and Canada but also China, which has been a long-standing trade concern for Trump.
In a press conference on Friday, Leavitt emphasized that the tariffs are meant to target those countries’ failure to halt the flow of fentanyl, an illegal opioid that has killed tens of millions of Americans. She added that these measures will generate revenue for the federal government.
It’s worth noting that companies such as Walmart and Target may choose to pass on these costs to American consumers, which could ultimately affect their spending habits and business strategies.
Source: http://www.cbsnews.com
