Beijing and also Ottawa have officially declared their retaliatory measures after Donald Trump announced trade tariffs on goods from Canada, Mexico, and China.
This included a 25% tariff on products from Canada and Mexico, along with a Chinese tariff of 20%, thus doubling the Chinese tariff given last month.
In retaliation, Canada will impose a 25% tariff on US imports covering $150 billion worth of goods. In a statement, China announced it would impose tariffs of 10 to 15 percent on US agricultural exports and also take retaliatory measures against US corporations.
Trump’s more-than-double-now-20%-tariff-on- Chinese-goods is more in line with retaliation for charges that have been made against Beijing for not doing enough regarding illegal drugs making their way into the U.S. through smuggling.
The U.S. President also stated that said tariffs would also put pressure on Canada and Mexico to do further work to quell the illegal drug trade and immigration into the U.S.
U.S. markets have crumbled because of all these, thus warning that American consumers may sooner or later face a true rise in price on some other imported products.
Stay tuned in for further contending developments on this issue.