President Donald Trump announced he is going ahead with the proposed 25% tariffs on imports from Canada and Mexico, saying there was no more time for a deal. A 10% tariff on Chinese imports is also set to take effect, raising trade barriers for all three of America’s top trading partners in just a few weeks.
The tariff actions, which could disrupt nearly US$2.2 trillion (€2 trillion) in annual US trade, took effect on March 4, causing markets to fall. This came just hours after Trump stated that all three countries had not done enough to stop the flow of the deadly opioid fentanyl and its precursor chemicals into the US.
“No room left for Mexico or for Canada,” Trump said at the White House on March 3. “The tariffs, you know, they’re all set. They go into effect tomorrow.”
Considering that Mexico, Canada, and China are America’s main trading partners, experts say these changes are bound to affect American consumers and raise prices at home.
But what exactly is a tariff? Click through the following gallery to find out how the new tariffs may impact you.
