Trump slaps tariffs on top US trade partners—with risk of hikes if there’s retaliation—and there will be no exemptions.
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President Donald Trump signed executive orders on Saturday imposing his long-awaited tariffs on America’s top trading partners.
Canada is also getting hit with a 25% tariff, though imports of its energy products will carry a 10% duty, as the White House called for cooperation on drug trafficking and border security.
And Trump slapped a 10% tariff on China, conditioning it on full cooperation in the fight against fentanyl.
The tariffs will go into effect at 12:01 a.m. Eastern Time on Tuesday.
While Trump’s executive orders say tariffs could rise in the event of retaliation, Canadian Prime Minister Justin Trudeau will impose a 25% tariff on $20 billion of US goods on Tuesday, followed by another $85 billion of goods three weeks later. The targeted products include vegetables, appliances, and furniture
Source: FORTUNE
