President Donald Trump announced that tariffs on Mexico and Canada will proceed as planned on March 4, while U.S. imports from China will face an additional 10% duty. The clarification, made in a Truth Social post on Thursday, comes amid speculation over the administration’s trade policies.
Tariffs on Mexico and Canada Resume
The 25% tariffs on imports from Mexico and Canada were initially put on hold on February 3 for a one-month period. However, concerns remained over whether they would be reinstated after the temporary suspension expired. Trump confirmed that the tariffs will take effect as scheduled, citing ongoing concerns about illicit drug trafficking from both countries.
Additional 10% Tariff on Chinese Imports
Alongside confirming the North American tariffs, Trump announced that Chinese imports, which were already subject to a 10% duty, will receive an additional 10% tariff starting March 4. This move effectively raises U.S. tariffs on Chinese products to 20%.
White House Responds to Market Concerns
In contrast to Trump’s statement, White House National Economic Council Director Kevin Hassett had previously suggested that tariff decisions would be announced after reviewing a study set for release on April 1. His comments, made on CNBC’s “Squawk Box,” hinted at a broader trade policy review before further actions were confirmed.
Following Trump’s announcement, Dow Jones Industrial Average futures turned negative before bouncing back when markets opened. Investors are closely monitoring the administration’s trade policies and their potential economic impact.
Tariffs as a Key Strategy in Trump’s Second Term
Trade tariffs remain a central pillar of Trump’s second-term economic strategy. In addition to the measures against Mexico, Canada, and China, new 25% tariffs on global steel and aluminum imports have been scheduled to take effect on March 12. Furthermore, Trump has signed a memorandum outlining a broader reciprocal tariff strategy, targeting foreign countries with duties on U.S. products.
As trade tensions escalate, the administration’s continued use of tariffs as an economic tool is expected to draw both domestic and international scrutiny, influencing global markets and geopolitical relations in the months ahead.
