President-elect Donald Trump says he will introduce 25% tariffs on goods entering the US from Canada and Mexico, as well as increasing existing tariffs on China by 10%, as soon as he gets into office in January.
Tariffs are a type of tax and a core part of Trump’s economic vision – it’s something he promised before he got elected, but now we’ve got more detail on what he is planning.
We’ll bring you that detail shortly, and how other countries are reacting. We’ve also got explanation and analysis coming – this piece also explains how tariffs work.
In his Monday night post on Truth Social, he also says, external these tariffs – which are a type of a tax – will be in place until the two countries clamp down on drugs and illegal migrants crossing the border.
“As everyone is aware, thousands of people are pouring through Mexico and Canada, bringing crime and drugs at levels never seen before,” he writes.
He also says, external an extra 10% tariff will be charged on goods coming from China, on top of any other tariffs. This is lower than he threatened before – back in the campaign he promised 60%.
Trump says that will last until the Chinese government cracks down on fentanyl being smuggled out the country.
“Representatives of China told me that they would institute their maximum penalty, that of death, for any drug dealers caught doing this but, unfortunately, they never followed through, and drugs are pouring into our country, mostly through Mexico, at levels never seen before,” he says.