- Donald Trump said on Monday that the definitions of Mexico and Canadian goods are coming.
- He said that the United States had previously stopped temporarily with its neighbors, but the time has run out.
- Dow Jones Industrial decreased 848 points, and the S&P 500 decreased by more than 2 %.
President Donald Trump said on Monday that the White House would advance a 25 % tariff on Mexico and Canada.
“No room left to Mexico or Canada,” Trump told reporters during an unrelated White House event. “All customs duties are set, they enter into force tomorrow.”
Trump’s comments deepened a sale in the stock market during the trading session on Monday. Dow Jones Industrial Malce has decreased up to 848 points and the S&P standard is more than 2 %. The Nasdaq 3 % fell, with the extension of the heavy technology index decreased after a sharp decrease in the NVIDIA stock during the day.
Earlier in the day, Trade Minister Howard Lootnick left the door open so that the president might change his opinion. Trump has already stopped customs tariffs for a month based on both countries, which pledged to do more to start illegal immigration.
On Monday, Trump repeated his view that the definitions are a punishment for Mexico and Canada for its failure to do enough to prevent fentanel from entering the United States.
Both countries have already said how they will get their definitions. Canada has published a wide list of targeted American products, from agricultural products to alcoholic drinks. Canadian Prime Minister Justin Trudeau previously called on his citizens to prepare to give up US -made goods.
“This may mean checking stickers in the supermarket and choose Canadian products made,” Trudeau said last month. “This may mean the Canadian rye chosen on Kentucky Bourbon, or to give up orange juice completely in Florida. It may mean changing your summer vacation plans to stay here in Canada.”
The United States imports a group of major goods from the two countries, including crude oil, auto parts, electronics, and commercial policy experts in the past, they told BI that the new definitions are likely to increase the prices of those commodities.
Trump previously said that the Americans will feel “some pain” in definitions, but the price is worth it in the end. However, some companies have begun preparing to increase the prices caused by definitions. The real estate consultants previously told BI that the Trump’s steel tariff is 25 % likely to make rental prices and apartment.
It is not clear how long these definitions will continue. The first executive order of Trump from February said that they will remain in effect until the affected countries on the drug and border policy are launched.
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