Trump bombards allies with 25% tariffs
President-elect Trump said on the social networking service (SNS) Truth Social on this day, “Thousands of people are pouring in through Mexico and Canada, spreading crime and drugs at unprecedented levels in the United States. I hope both countries use their authority to solve this problem.” “Until they do, they will have to pay a very high price.” “These tariffs will remain in effect until the invasion of drugs, especially fentanyl, and illegal immigration stops,” he said.
President-elect Trump’s message means that on his first day in office, he will issue an executive order to raise tariffs on neighboring countries and allies Mexico and Canada to 25%. The United States has been dealing with Mexico and Canada, which have signed the United States-Mexico-Canada Agreement (USMCA), a type of free trade agreement (FTA).
Duty-free has been applied.
Accordingly, damage is expected to be inevitable for Korean companies that have increased investments in Mexico and other countries due to the Joe Biden administration’s reorganization of the global supply chain. There is also the possibility that the Trump administration will use the tariff card to demand resolution of the trade surplus with the United States and renegotiation of defense spending.
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