After weeks of intense speculation, the White House confirmed on Friday that President Donald Trump will impose aggressive tariffs on key US trading partners this weekend.
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US President Donald Trump is expected to push forth with a Saturday deadline for tariff hikes on major trading partners Canada, Mexico and China, the White House said Friday.
“I can confirm that tomorrow, the February 1st deadline that President Trump put into place at a statement several weeks ago continues,” said White House spokeswoman Karoline Leavitt. She reiterated plans for a 25 percent levy on Canada and Mexico, and confirmed a 10 percent rate on China.
Trump’s punitive duties and retaliatory tariffs from Canada and Mexico threaten to disrupt nearly $1.6 trillion in North American trade and effectively end a 30-year free trade system that has deeply integrated the three economies.
Economists and business executives have warned that the tariffs would spark major increases in the prices of imports such as aluminum and lumber from Canada, fruits, vegetables, beer and electronics from Mexico and motor vehicles from both countries.
Tariffs are paid by firms that import goods and pass the costs on to consumers or accept lower profits, economists say.
“President Trump’s tariffs will tax America first,” said Matthew Holmes, public policy chief at the Canadian Chamber of Commerce. “From higher costs at the pumps, grocery stores and online checkout, tariffs cascade through the economy and end up hurting consumers and businesses on both sides of the border.”
Canadian Prime Minister Justin Trudeau on Friday said Canada would immediately respond with forceful countermeasures, adding “It’s not what we want, but if h