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Trump imposes tariffs on Canada, China, and Mexico, set to take effect on February 1.

The United States is set to impose tariffs on imports from Canada, China, and Mexico starting February 1, as announced by Donald Trump, according to Tengrinews.kz, citing The Guardian.
Трамп объявил о введении тарифов на Канаду, Китай и Мексику, которые вступят в силу 1 февраля.

The United States plans to impose tariffs on imports from Canada, China, and Mexico starting February 1, as announced by Donald Trump, reports Tengrinews.kz citing The Guardian.

This was stated by White House Press Secretary Caroline Levitt during a briefing on Friday, January 31.

According to Levitt, the tariffs will be set at 25 percent for Mexico and Canada and 10 percent for China "due to the illegal fentanyl they supplied and allowed to spread in our country, resulting in the deaths of tens of millions of Americans."

Experts anticipate a devastating trade war between the U.S. and its three largest trading partners.

Canada has already promised to respond with a "strong but measured" reaction. Mexico has also developed plans but declined to provide details. China stated that it will "resolutely defend" its interests.

Trump asserted that the imposition of tariffs on foreign goods would bring hundreds of billions of dollars to the federal government while compelling countries — even America's two closest allies — to comply with his demands.

However, economists have repeatedly warned that higher tariffs, a key component of Trump's economic strategy, risk leading to price increases for millions of Americans, raising doubts about the president's promise to "quickly" lower prices amid a wave of frustration over the cost of living, the publication notes.

Investors also seem to be concerned. Stocks on Wall Street fell following the White House press conference, with the Dow Jones Industrial Average in New York dropping by 0.5 percent.

Recall that in his pre-election and post-election speeches, Trump demanded that Canada, Mexico, and China do more to stop the flow of "illegal immigrants" and drugs like fentanyl across the U.S. borders. Trump stated that he would impose tariffs immediately upon taking office, but just hours after his inauguration, he announced that he would postpone this until February 1.

The U.S. president also made it clear that other key markets, including the European Union, are also on his radar. In his campaign platform, he proposed a 20 percent universal tariff on all imports from abroad worldwide,

Implementing tariffs, at least under the usual scenario, takes time. The necessary investigation requires 270 days by law. However, Trump officials are reportedly exploring other options, such as declaring a state of emergency to act more swiftly, The Guardian writes.

Tengrinews