WASHINGTON (UNITED STATES) (ITALPRESS) – At a press conference from the Oval Office of the White House, President Donald Trump formally confirmed the news related to tariffs to be imposed on China, Canada and Mexico starting Saturday, Feb. 1. Speaking to reporters, the tycoon said that the tariffs to be imposed are not a negotiating tactic. According to Trump’s statement, there is nothing other countries can do to prevent the tariffs from going into effect, reiterating that the United States is “not looking for a concession.” Referring to China, the president said he was concerned about the international drug trade: “They are sending huge quantities of fentanyl, killing hundreds of thousands of people a year,” he said. Referring instead to Canada and Mexico, Trump said they are “enabling the entry of this poison.” At the conference, Trump thus confirmed what White House spokeswoman Karoline Leavitt had earlier anticipated, speaking of 25 percent tariffs against Canada and Mexico and 10 percent on goods from China, raising the specter of rapid price increases for U.S. consumers, despite his recent promise to mitigate the impact on oil imports. Trump had also threatened to impose duties to ensure greater cooperation from countries in stopping illegal immigration and the smuggling of chemicals used for narcotics, but he also pledged to use the duties to boost domestic production and increase revenue for the federal government. Choosing to impose new tariffs less than two weeks into his term carries political and economic risks for Trump. Several Republican voters voted for the current president on the promise that he could reduce inflation, but the introduction of new tariffs could trigger higher prices and potentially disrupt the energy and agriculture sectors. Trump’s choice has drawn much criticism from the opposition. Senate Democrstic leader Chuck Schumer spoke of a possible start to a trade war. “We should focus on going hard against game-rigging competitors like China rather than attacking our allies,” Schumer said. “If these tariffs go into full effect, they will raise prices for everything from groceries to cars to gasoline, making it even harder for middle-class families to survive. China had already responded aggressively in the past to Trump’s tariffs on Chinese products during his first term, targeting the president’s supporters in rural America with retaliatory taxes on U.S. agricultural exports. Both Canada and Mexico have said they have set up the option of retaliatory tariffs to be used if necessary, which in turn could trigger a broader trade conflict that economic analyses say could hurt growth and further accelerate inflation.Speaking remotely a few days ago at the Davos forum, Trump had indicated his willingness to impose tariffs on European Union countries as well. According to the president, the imposed tariffs will result in increased revenues that will “strengthen the economy and reduce debt.”(ITALPRESS).
Photo: Ipa Agency
