Trump Threatens with Heavy Tariffs from Day One

The incoming president of the USA, Donald Trump, wants to introduce tariffs of 25 percent on goods from neighboring countries Mexico and Canada. He also says that an additional fee will be introduced on all goods from China. Trump blames the countries for drugs and migrants entering the USA.

» Published: November 26 2024

Trump Threatens with Heavy Tariffs from Day One
Photo: Brandon Bell/AP/TT

Donald Trump says that tariffs against China are being raised to stop drug smuggling to the US, particularly the deadly synthetic opioid fentanyl.

"I have had many conversations with China about the enormous amounts of drugs, especially fentanyl, being sent to the US – but without results", says Trump on his platform Truth Social.

He writes that China has promised to give drug dealers the death penalty, but that the country has not delivered.

"Until they stop, we will impose an additional 10 percent tariff on China, on top of all other tariffs, on all their many products coming to the US."

The First Day

In another post, Trump writes that he will impose penalty tariffs of 25 percent on all goods from neighboring countries Mexico and Canada from the first day in the White House, January 20.

"This tariff rate will apply until the invasion of drugs, particularly fentanyl, and all illegal immigrants is stopped", writes Trump.

It is, however, unclear whether Trump will make good on his threats or if they are part of his negotiation technique. Trump's intended finance minister Scott Bessent wrote in a debate article in Fox News last week that tariffs can be "a useful tool to achieve the president's foreign policy goals".

60 Percent

Trump campaigned on promises to introduce comprehensive tariffs against both allies and rivals. He has spoken of tariffs on all goods from China at 60 percent and 20 percent for the rest of the world – a policy that he claims will pressure American companies to bring manufacturing back to the US.

Economists have warned that the tariffs can harm growth and drive up inflation, as they are primarily paid by importers who can pass on the costs to consumers.

The US is the world's largest goods importer, and most goods are imported from China, followed by Mexico and Canada.

Referring to national security issues can be permitted according to the rules set by the World Trade Organization (WTO), although it is considered that such exceptions should be used with restraint.

Tags

TTT
By TT - Translated and adapted by Sweden Herald under license from TT

More news

Indonesia to Boost Oil and
1 MIN READ

Indonesia to Boost Oil and Gas Imports from USA to Ease Trade Tariffs

Asian Markets Show Mixed Movements
1 MIN READ

Asian Markets Show Mixed Movements as Investors Eye US Tariff Talks

Netflix Surpasses Market Forecasts with
1 MIN READ

Netflix Surpasses Market Forecasts with Strong Quarterly Earnings

IMF Predicts Global Economy to
1 MIN READ

IMF Predicts Global Economy to Sidestep Recession Despite Trade Strains

Judge Rules Google Maintains Illegal
1 MIN READ

Judge Rules Google Maintains Illegal Monopoly in Digital Advertising

Electricians Secure New Deal with
1 MIN READ

Electricians Secure New Deal with Pay Raises and Shorter Hours

US Economy Shows New Signs
2 MIN READ

US Economy Shows New Signs of Weakness with Housing and Manufacturing Slumps

Jonathan Anderson Named Dior Menswear
1 MIN READ

Jonathan Anderson Named Dior Menswear Creative Director

Eli Lilly Shares Surge After
1 MIN READ

Eli Lilly Shares Surge After Promising Weight Loss Pill Results

ECB Lowers Rates Again, More
3 MIN READ

ECB Lowers Rates Again, More Cuts Expected This Year

Study Reveals Long-Term Economic Strain
1 MIN READ

Study Reveals Long-Term Economic Strain for Russia in Ukraine Conflict

Trump Claims He Can Oust
2 MIN READ

Trump Claims He Can Oust Fed Chair Powell Despite Lacking Authority

Hermes Increases U.S. Prices to
1 MIN READ

Hermes Increases U.S. Prices to Offset Tariff Impact

Trump Administration Halts New York
1 MIN READ

Trump Administration Halts New York Offshore Wind Farm Construction

Genre image
1 MIN READ

Pernod Ricard Sales Dip Due to Cognac Challenges in China

TSMC Reports Strong Q1 Results
1 MIN READ

TSMC Reports Strong Q1 Results with 42% Sales Increase

ABB Gains Despite Downturn in
1 MIN READ

ABB Gains Despite Downturn in Stockholm Stock Exchange

ABB Boosts Profit, Plans Robotics
2 MIN READ

ABB Boosts Profit, Plans Robotics Division Spin-Off

Asian Markets Rise on Positive
1 MIN READ

Asian Markets Rise on Positive US-Japan Trade Talks

SBAB Predicts Decline in Mortgage
1 MIN READ

SBAB Predicts Decline in Mortgage Rates as Repo Rate Expected to Drop

Trump Reports 'Great Progress' in
2 MIN READ

Trump Reports 'Great Progress' in Trade Talks with Japan

Nvidia's Warning Sends Wall Street
1 MIN READ

Nvidia's Warning Sends Wall Street Indices Tumbling

EU Launches Safety Sweep to
1 MIN READ

EU Launches Safety Sweep to Tackle Dangerous Products Online

WTO Report: Trump's Tariffs Could
1 MIN READ

WTO Report: Trump's Tariffs Could Cut Global Trade by 1.5% by 2025

Record Restaurant Bankruptcies in March
1 MIN READ

Record Restaurant Bankruptcies in March Highlight Industry Struggles

US Retail Sales Surge in
1 MIN READ

US Retail Sales Surge in March, Driven by Car Purchases

Northvolt's Acting CEO Pia Aaltonen-Forsell
1 MIN READ

Northvolt's Acting CEO Pia Aaltonen-Forsell Steps Down

California Challenges Trump's Tariffs in
1 MIN READ

California Challenges Trump's Tariffs in Court, Citing Illegality

Social Democrats Propose Boost in
2 MIN READ

Social Democrats Propose Boost in Support for Single Parents

Autoliv Navigates Trade Tariffs with
3 MIN READ

Autoliv Navigates Trade Tariffs with Strong First-Quarter Performance

Honda Shifts Civic Hybrid Production
1 MIN READ

Honda Shifts Civic Hybrid Production to Indiana Factory

Sandvik Prepares to Boost U.S.
2 MIN READ

Sandvik Prepares to Boost U.S. Production Amid Trade Uncertainty

Viscaria's Copper Mine Clears Final
1 MIN READ

Viscaria's Copper Mine Clears Final Legal Hurdle, Prepares for Reopening

Swedish Industry Leaders Eye Co-Ownership
2 MIN READ

Swedish Industry Leaders Eye Co-Ownership in New Nuclear Venture

Anna-Karin Hatt's Role in Alecta's
3 MIN READ

Anna-Karin Hatt's Role in Alecta's Criticized Investments Under Scrutiny

Record 70% of Mortgages Now
1 MIN READ

Record 70% of Mortgages Now on Variable Interest Rates in Sweden