Donald Trump announced that he would announce on Monday that 25% of all imports from Canada and Mexico will be subject to tariffs. Other import duties will also be imposed later in the week.
He told reporters on Sunday, as he flew to New Orleans from Florida for the Super Bowl. He said that aluminum would also be subject to trade penalties when asked.
Trump also confirmed that he will announce “reciprocal duties” — “probably on Tuesday or Wednesday.” This means that the U.S. will impose import duties in cases where a country has imposed duties on U.S. products.
He told reporters, “If they charge us 130%, and we don’t charge them anything, it won’t stay like this.”
Trump’s remarks are just the latest sign of his willingness, in certain cases, to impose import taxes. Trump is imposing tariffs much earlier than he did during his four-year tenure as president when he focused on tax cuts and regulatory reform.
The financial markets dropped on Friday after Trump announced he would implement reciprocal tariffs. Stock prices fell after Friday’s consumer sentiment survey, which showed a decline in the level of concern among consumers. In addition, the survey found that Americans expect inflation to rise in the next few months due to the tariffs.
Trump did not provide any information on the reciprocal tariffs or the steel and aluminum duties. Trump had previously threatened to impose 25% import taxes on goods imported from Canada and Mexico. However, he suspended them for 30 days just a week before. He also added 10% to all imports coming from China.
