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February 4, 2025

Andrew Campbell 

US President Donald Trump announced tariffs on Canada, Mexico, and China. Canada and Mexico face 25% tariffs on their exports to the United States. Chinese-made goods will be subject to an extra 10% tax on top of existing duties. The tariffs would go into effect on February 4.

In retaliation Canada and Mexico announced that they were preparing similar taxes on US imports. Meanwhile, China stated that it would take the appropriate countermeasures to protect its lawful rights and interests.

The implementation of tariffs and the subsequent retaliation could result in a new period of global trade wars. President Trump justifies tariffs by claiming they benefit local jobs and manufacturers. Analysts also cautioned that local prices for goods would certainly rise across the board.