Trump Threatens Sweeping Tariffs on China, Mexico, and Canada, Citing National Security and Drug Concerns
President-elect Donald Trump has announced plans to impose significant tariffs on imports from China, Mexico, and Canada, signaling a potential return to his aggressive trade policies from his previous administration. In a series of posts on Truth Social, Trump proposed a 25% tariff on products from Mexico and Canada and an additional 10% tariff on Chinese goods. The proposed tariffs, which Trump claims will be among his first executive actions after inauguration on January 20th, have immediate economic implications. The Australian dollar experienced a sharp decline, and the Australian Stock Exchange (ASX200) dropped 0.73%, with bank stocks particularly affected. Trump's justification for the tariffs centers on two primary national security concerns: Fentanyl TraffickingTrump highlighted the ongoing opioid crisis, citing the massive influx of illegally manufactured fentanyl into the United States. He criticized China for not effectively addressing drug trafficking, despite […]