November 26, (THEWILL) – US President-elect, Donald Trump has vowed to impose a 25 percent tariff on all goods from Mexico and Canada and an “additional” 10 percent tariff on Chinese products in response to irregular border crossings and drug trafficking.
Declaring on Monday, Trump in a post on his social media platform Truth Social, said he would impose tariffs on Mexican and Canadian imports on day one of his administration and that the measures would remain until the “invasion” of undocumented migrants and drugs came to an end.
“Both Mexico and Canada have the absolute right and power to easily solve this long-simmering problem. We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!”, he declared.
He further vowed to impose a 10 percent tariff on China, “above any additional tariffs”, until the country took action to stop fentanyl smuggling.
Trump’s announcement on Monday rattled international markets as currencies including the Canadian Dollar, Mexican Peso, Euro, British Pound, Korean Won, and Australian Dollar dropped against the US Dollar.
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