Washington, Mar 4 (V7N) – President Donald Trump confirmed on Monday that the 25% tariffs on imports from Mexico and Canada will go into effect as scheduled on Tuesday, despite any potential objections from the two countries. Speaking in the Roosevelt Room, Trump stated, “No room left for Mexico or Canada,” emphasizing that the tariffs were already finalized.

The President argued that tariffs were an effective tool to protect American jobs and prevent U.S. companies from relocating abroad and selling products back to the U.S. market. He further criticized previous politicians for not using tariffs as a "powerful weapon" to defend American interests.

In response, Canadian Foreign Minister Melanie Joly expressed readiness to counter the tariffs, calling the situation unpredictable. “We’re ready,” Joly said, indicating that Canada would take action if the tariffs were imposed. Similarly, Mexico’s President Claudia Sheinbaum stated that her government was calm but prepared to respond with contingency plans in case the tariffs went ahead.

The announcement sent shockwaves through the stock market, with U.S. stock indexes experiencing significant losses. The Dow Jones fell 1.58%, the S&P 500 dropped 1.78%, and the Nasdaq Composite declined by 2.47%. Experts are particularly concerned about the impact on U.S. jobs, especially in industries like spirits, where a 25% tariff on imports from Canada and Mexico could cost 31,000 American jobs.

In addition to the tariffs on Mexico and Canada, Trump also signed an order to impose an additional 10% tariff on Chinese imports. He pointed out that tariffs were easier to enforce than negotiating with countries like China and Japan over currency devaluation, which could lead to trade imbalances.

Trump also called on manufacturers to build factories in the U.S. rather than overseas, arguing that companies that set up production in the U.S. would avoid tariffs altogether.

News Contributing: Reuters

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