The tariffs announced by Trump went into effect at midnight, imposing a 25% tax on imports from Mexico and Canada and doubling to 20% on goods that China exports to the North American country, opening the door to a large-scale trade conflict. The implementation of these tariff increases by the United States has prompted an immediate trade response from China and Canada and a more measured reaction from Mexico.
In an interview, U.S. Secretary of Commerce Howard Lutnick admitted that tariffs on imports from Mexico, Canada, and China will impact consumer prices in the short term, although he assured that they will bring long-term benefits by promoting job creation and production in the U.S.
Target and Best Buy, two major American retail chains, warned that the tariffs imposed by Trump on Canada, Mexico, and China will raise the prices of their products. Brian Cornell, CEO of Target, mentioned that the tariffs will force prices of fruits and vegetables to rise this week, while Corie Barry, CEO of Best Buy, expects price increases on products from China and Mexico, the main supply sources for her company.
Furthermore, it is noted that fentanyl seizures at the border with Mexico have decreased in the last four months, with a 50% reduction in January 2025 compared to October 2024, according to data from the U.S. Customs and Border Protection. Additionally, overdose deaths associated with fentanyl have also declined in the country for the first time since 2018, with a 14.5% decrease in overdose deaths from this opioid from June 2023 to June 2024.
In summary, the imposition of tariffs by the U.S. has triggered immediate trade responses from China and Canada, as well as a more moderate reaction from Mexico, generating uncertainty in the global trade landscape.
