Trump Ensures Canadian-Mexico Import Tariffs Take Effect March 4
JAKARTA - US President Donald Trump said import rates against Mexico and Canada will take effect on March 4 according to schedule as illegal drugs still flow to the United States of those countries.
Trump also said China would be charged an additional 10% on the day, according to a post on his Truth Social platform reported by Reuters on Thursday, February 27.
Trump previously postponed a new tariff against Mexico for one month after Mexico agreed to strengthen its northern border with 10,000 members of the National Guard to stem the flow of illegal drugs, particularly fentanyl.
The agreement also includes US commitments to act to prevent high-power arms trade in Mexico, Mexican President Claudia Sheinbaum said on X.
The two leaders spoke by telephone on Monday, February 3 just hours before US rates against Mexico, China, and Canada were set.
Trump at the time said the two countries would be suspended for a month to carry out further negotiations.
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"I look forward to participating in the negotiations, with President Sheinbaum, in our bid to reach an agreement between the two countries," he wrote in Truth Social.
US stocks, which fell sharply on Monday morning amid growing trade war concerns, eased losses following the announcement. The S&P 500 benchmark index fell 0.7% at around 10:45 a.m. ET (15.45 GMT), cutting its losses half today.