The United States dollar has soared as President Donald Trump imposed 25% tariffs on Canada and Mexico.
Trump said the tariffs are on track to go into place on 4 March, and he plans to impose an additional 10% on Chinese imports.
A month ago, the tariff was put on pause after both Mexico and Canada agreed to tighten border restrictions after Trump expressed concern about cross-border illegal drug movements, blaming them for America’s increasing fentanyl deaths.
In a post to Truth Social, Trump said that drugs are still “pouring” into the country, leading to a high number of deaths.
“We cannot allow this scourge to continue to harm the USA, and therefore, until it stops, or is seriously limited, the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled,” he posted.
“China will likewise be charged an additional 10% Tariff on that date.”
Trump also made it clear that the April Second Reciprocal Tariff date will still remain in place.
The 25% tariffs for Canada and Mexico will be applied to all imports except for energy products from Canada, which will be taxed at 10%. The new tariffs on China will be on top of the 10% duty Trump allowed when the Canadian and Mexican tariffs were paused.
“It’s 10 plus 10, a second 10,” Trump said on Thursday in the Oval Office.
“I think you’re going to see actually drug stopping because the countries should not be allowing the drugs to come into the United States of America.
Alongside the rise of the U.S. dollar, tariffs have caused both the Canadian loonie and the Mexican peso to fall.
Australia is still trying to push for exemptions on Trump’s copper tariffs.
