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President Donald Trump said Friday that a first round of tariffs on Canada, Mexico, and China will begin on his self-imposed deadline Feb. 1 but that some duties on oil and gas may be limited.
In addition to the across-the-board 10% tariff on all imports and the EU threats, Trump in the past has suggested he may use tariffs to compel Denmark to give the United States control of Greenland.
Trump signed orders on Saturday evening, imposing 25% tariffs on imports from Mexico and Canada (though Canadian energy faces a lower tariff of 10%) and 10% tariffs on goods from China.
The tariff developments caused big swings in equities and currencies on Monday, which retraced initial moves after news of the pauses on the Mexico and Canada tariffs.
In the United States, tariffs typically serve a limited but important purpose: They are intended to grow America’s economy by incentivizing the purchase of made-in-the-USA goods.
That is because a 25% tariff on Canadian aluminum exports to the United States could "represent $1.5 billion to $2 billion of additional annual cost for U.S. customers," he said. ACCELERATED SALES
The message was clear: The market believed tariffs would stoke inflation, which could lead to interest rates staying higher for longer and crush hopes that looser monetary policy would extend the ...
The tariffs, which President Donald Trump imposed over the weekend and are set to officially begin Tuesday, would levy a 25% charge on imports from Canada, while China would be hit with a 10% tariff.