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Donald Trump said he would continue to impose 25 percent study fees on all imports from Canada and Mexico from Tuesday, adding that there was no “room” to negotiate at the last minute.
The president’s comments exacerbated the sale of the market amid increasing fears that Definitions It can harm the American economy and lead to a trade war with the largest commercial partners in America.
The S&P 500 stock index closed 1.8 percent lower after the worst general session, while the technology -dominated nasdaq boat decreased by 2.6 percent. Individual stocks were worse, as NVIDIA chips decreased by 8.7 percent and the Conocophillips power group by 6.6 percent.
Trump’s comments came a day after Trade Minister Howard Lootnick proposed that the extent and timing of the planned definitions are still completed, describing the situation as “liquid.”
But in the White House on Monday afternoon, Trump He said: “Definitions, as you know, all have been appointed. They go into force tomorrow.”
In response, Canada said it would be discussed immediately with a 25 percent tariff for $ 30 billion in US imports, and similar measures pledged for another $ 125 billion of American goods after 21 days.
Canadian Prime Minister Justin Trudeau said there is no “justification” for Trump’s decision. “Our definitions will remain in place until the American trade procedure is withdrawn.”
Trump’s announcement comes on Monday after a large number of recent data raised concerns about the health of the US economy.
On Monday, the Federal Reserve Bank of Atlanta indicated that the GDP growth of the United States indicated to A. 2.8 per cent decrease In the first quarter, a decrease is more declining than he suggested on Friday. Economists are partially converted to uncertainty about Trump’s tariff.
Washington threatened for several months of Mexico and Canada with drawings and demanded to tighten their borders and fix it to trafficking in the deadly fentanel.
Last month, the president issued an executive order applying an additional 25 percent tariff to all imports from Canada and Mexico, with the exception of Canadian oil and energy products, which will face a 10 percent tax. Canada represents about 60 percent of our raw imports.
Days later, Trump Implementation postponement From customs duties to March 4, after the feverish diplomacy at the last minute with Trudeau and Mexican President Claudia Shinbaum.
On Monday, he said that the definitions against Canada and Mexico would stimulate the two countries to transfer more manufacturing to the United States. He said: “So what they have to do is build their car plants, frankly, and other things in the United States, in which case they do not have a tariff.”
A White House official confirmed on Monday that Trump signed an executive order Raise the level of additional definitions for him On Chinese imports from 10 percent to 20 percent, starting from Tuesday.
When he was asked on Monday about the maximum definitions he would present against Chinese imports, Trump replied: “I cannot say, this depends on what they do in their currency, and this depends on what they do in terms of. A kind of economic revenge.”
Trump added that he does not expect Beijing to “revenge too much.”
The Chinese Ministry of Commerce responded that Beijing will take “counter measures to protect its rights and interests firmly,” adding that the United States threatens the global trade system.
“[The US] It will not only fail to solve its own problems, but will also undermine Chinese economic, commercial and trade cooperation and natural international trade order.
The president’s statements about the definitions came after he announced that the largest chip maker in the world, Taiwan -based TSMC, You will invest 100 billion dollars In advanced manufacturing in the United States, in the latest business in Washington.
Participated in additional reports by George Stir in New York and Joe Leshi in Beijing
