NEW YORK: President-elect Donald Trump vowed additional tariffs on China as well as US neighbours Canada and Mexico, providing a sharp counter to expectations that he might temper his trade policies during a second term.
Trump said he would impose additional 10% tariffs on goods from China and 25% tariffs on all products from Mexico and Canada in posts to his Truth Social network on Monday that sent the US dollar higher and equities lower.
He cast the new levies as necessary to clamp down on migrants and illegal drugs flowing across borders.
Trump accused China of failing to follow through on promises to institute the death penalty for traffickers of fentanyl, writing that “drugs are pouring into our country, mostly through Mexico, at levels never seen before”.
“Until such time as they stop, we will be charging China an additional 10% tariff, above any additional tariffs, on all of their many products coming into the United States of America,” Trump said.
In another post, the incoming president also vowed to hit Mexico and Canada with a 25% tariff on “all products,” saying he would sign an executive order to that effect on his first day in office.
“As everyone is aware, thousands of people are pouring through Mexico and Canada, bringing crime and drugs at levels never seen before,” he said.
