Overview

• President Donald Trump has confirmed tariffs of 25% on Canadian and Mexican imports and 10% on Chinese goods, citing trade deficits and fentanyl-related concerns.
• The tariffs include key goods like oil, steel, semiconductors, and other materials, with Canadian oil potentially taxed at a reduced rate of 10%.
• Trump has hinted at extending tariffs to the European Union and imposing 100% duties on BRICS nations if they move away from the U.S. dollar in global trade.
• Economic analysts predict significant impacts, with potential recessions in Mexico and Canada and a slowdown in U.S. growth by 1.2 percentage points.
• Canada and Mexico, both part of a free trade agreement with the U.S., have prepared countermeasures, while ongoing discussions with the Trump administration continue.