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Trump's Proposed Tariffs on Canada and Mexico Delayed for 30 Days
TaiwanPlus News
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11 months ago
Canada and Mexico have struck a deal with the U.S. to delay tariffs in return for ramped up border control.
But U.S. President Trump's global trade war is still brewing, threatening levies on both China and the European Union.
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00:00
A deal to delay tariffs is struck just hours before U.S. President Donald Trump's sweeping
00:05
duties were set to hit two of the U.S.'s biggest trading partners.
00:11
After speaking with a U.S. counterpart, Mexican President Claudia Sheinbaum announced the
00:16
tariffs will be delayed for at least 30 days.
00:30
An additional 10 percent tariff still went into force on Chinese imports into America.
00:49
Trump also citing illegal drug imports for that levy.
00:53
And just hours later, a similar agreement with Canada.
00:57
Prime Minister Justin Trudeau took to social media to say his country would implement
01:01
a $1.3 billion plan to reinforce the border, and appoint a new czar to combat the import
01:07
of fentanyl.
01:09
This, after Trump claimed Canada and Mexico failed to prevent the movement of migrants
01:14
and illegal drugs into the U.S.
01:17
It puts a temporary end to a brewing trade war in North America, where Mexico and Canada
01:22
had threatened retaliation for Trump's proposed 25 percent tariffs on all goods from both
01:27
countries.
01:28
Negotiations are set to take place over the next month to try and find a solution that
01:33
does not include tariffs.
01:35
But Trump's global trade war is not over.
01:47
An additional 10 percent tariff is still set to go into force on Chinese imports into
01:51
America.
01:52
Trump also citing illegal drug imports for that levy.
01:56
Trump is set to speak with Chinese President Xi Jinping in the next 24 hours, saying if
02:01
a deal cannot be struck, those tariffs will be substantial.
02:05
He has also not backed away from his trade threats against the European Union.
02:10
After EU leaders met in Brussels, European Commission President Ursula von der Leyen
02:15
said they are open for dialogue with the U.S., but won't be pushed around.
02:20
When targeted unfairly or arbitrarily, the European Union will respond firmly.
02:29
Economists warn Trump's proposed tariffs may backfire, possibly leading to higher inflation
02:36
and higher costs in the U.S., something Trump promised U.S. voters he would reduce.
02:41
But as Wall Street ended Monday's trading down, rattled international markets partially
02:59
recovered from their losses after Trump backed down from some of his tariff threats.
03:04
But with more trade sanctions on the horizon, investors will be watching what Trump does
03:08
next.
03:09
Yixin Pan and Rosie Greninger for Taiwan Plus.
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