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President Donald Trump says his 25 percent tariffs on imports from Canada and Mexico, and additional 10 percent tariff on Chinese imports will go into effect as scheduled on March 4th, unless imports of drugs including fentanyl are stopped or “seriously limited.”
“Drugs are still pouring into our Country from Mexico and Canada at very high and unacceptable levels,” Trump writes in a Truth Social post, without elaborating on the source of his information. “A large percentage of these Drugs, much of them in the form of Fentanyl, are made in, and supplied by, China.”
Earlier this month, the President agreed to pause tariffs on Canada and Mexico for one month, but the new post indicates that the Trump administration is preparing for those agreements to expire. He adds that a separate April 2nd deadline for reciprocal tariffs on countries that impose their own fees on US imports remains in effect. That later wave of tariffs could include a 25 percent tax on computer chips.
While many companies have stayed quiet on the effect of the tariffs, a few are warning consumers of price increases. Acer says a 10 percent import tariff will result in a 10 percent increase of its laptop prices, for example. Automakers are also bracing for what analysts say will be a huge impact on the industry, which could result in fewer deals and buying incentives.
