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In a Friday interview, US President Donald Trump hinted that tariffs on Canada and Mexico may increase in the future, following a brief reprieve from some high duties on America’s neighbours.
Markets were rocked by US tariffs of up to 25% that targeted Canada and Mexico at the beginning of this week. Trump on Thursday suspended the penalties for certain items until April 2.
The United States-Mexico-Canada Agreement, which Trump signed during his first term, covers goods that are subject to the moratorium, but the president has also pledged further taxes in the future.
Trump responded, “I think so,” when asked in a Fox Business interview if businesses may receive more clarification on his trade policy. “However, you are aware that tariffs may increase over time.
“I don’t know if it’s predictability,” he stated.
Credit: REUTERS/Henry Romero
As early as April 2, he reaffirmed plans for reciprocal levies, stating: “We tax them what they charge us. It’s significant.”
In an independent interview with CNBC on Friday, White House senior counsellor Peter Navarro denied that Trump’s trade policy is unclear.
“The uncertainty is created by the fact that people don’t take President Trump at his word,” he stated.
Navarro went on to say of Canada and Mexico: “It’s a negotiation, and we’re winning.”
Trump also signed orders this week that increased new tariffs on Chinese imports from 10 per cent to 20 per cent due to Beijing’s alleged involvement in the fentanyl trade. These are on top of the taxes already imposed on Chinese goods.
