On Friday, January 31, United States President Donald Trump confirmed that the 25 percent tariffs on exports from Mexico and Canada will come into effect starting February 1, dismissing the possibility of halting this last-minute measure. Trump stated that they are not seeking concessions from these two countries, but rather aiming to balance the trade scale.
During his first term, Trump imposed a 25 percent tariff on steel and a 10 percent tariff on European aluminum, as the trade balance with the European Union has been a concern for him due to the surplus Europe has in goods trade with the United States. Economists have warned that these tariffs could increase the costs of imported materials, raise prices for American consumers, and decrease global trade flows.
Trump, a supporter of tariffs, has asserted that this measure will promote a renaissance of the manufacturing industry in the United States. Furthermore, he has decided to postpone tariffs on oil and gas from Mexico and Canada at least until February 18. Despite criticisms and concerns, Trump remains determined to impose tariffs on several of his main trading partners, including China, which could accelerate inflation in the country.
Trump has mentioned his intention to impose tariffs on a wide variety of imports in the coming months, such as steel, aluminum, pharmaceuticals, and semiconductors. When asked if his tariff policy would affect the European Union, the U.S. president responded ambiguously, indicating that they are evaluating all options and analyzing each case individually.
