Trump Says 25% Tariffs On Canada, Mexico To Begin Feb. 1

President Donald Trump has announced that he plans to impose 25% tariffs on Canada and Mexico starting Feb. 1, while withholding specifics on potential tariffs for Chinese imports, Josh Boak, Matthew Daly, and Paul Wiseman reported for The Associated Press (AP).

The new tariffs are a cornerstone of Trump’s strategy to lower energy prices, combat inflation, and boost the economy.

Trump made the announcement while responding to reporters' questions during the signing of executive orders in the Oval Office on his first day back in the White House.

Although he threatened campaign tariffs of up to 60% on China, Trump appeared to soften his stance following a phone call last week with Chinese President Xi Jinping. “We’re going to have meetings and calls with President Xi,” Trump stated, signaling continued dialogue with the leader of the world’s second-largest economy.

The new tariffs are a cornerstone of Trump’s strategy to lower energy prices, combat inflation, and boost the economy. However, analysts are questioning whether these measures will deliver economic growth without burdening consumers with higher costs.

Trump attributed rising inflation to the $1.9 trillion in pandemic aid implemented by his predecessor, Joe Biden, in 2021. He also criticized Biden's energy policies, claiming they restricted oil drilling, despite domestic oil output nearing record levels, Rob Gillies also reported for AP.