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font-style: italic; color: grey; line-height: 23px; } .tt-post { border: 0px solid #489bd4 !important; -webkit-box-shadow: 0 0px 0 0 #eaeaea !important; -moz-box-shadow: 0 0px 0 0 #eaeaea !important; box-shadow: 0 0px 0 0 #eaeaea !important; } @media only screen and (min-width: 769px) { .relatedsingle{ height: 396px; } .h1, .h2, .h3, h1, h2, h3, .tt-title-text{ margin-top: 0px !important; margin-bottom: 0px !important; } } #fkgUBk { display: none; } </style> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:description" content="President-elect warns of imposing 10% tariff "above any additional tariffs" on imports from China, saying Beijing has not taken strong enough action to stop the flow of illicit drugs to the US via Mexico" /> <meta name="twitter:title" content="Trump Outlines Plan For New Tariffs on Canada, Mexico and China" /> <meta name="twitter:site" content="@ATFinancial_" /> <meta name="twitter:image" content="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-27.jpg" /><script type="application/ld+json">{ "@context": "http:\/\/schema.org", "@type": "newsarticle", "inLanguage": "en", "url": "https:\/\/www.asiafinancial.com", "articleBody": " \r\n\r\nUS president-elect Donald Trump vowed on Monday to impose big tariffs on Canada, Mexico and China.\r\n\r\nHis proposed moves against the United States' three biggest trading partners, while expected, could trigger trade wars, depending on the responses of the three countries.\r\n\r\nTrump, who takes office on January 20, 2025, said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border.\r\n\r\n \r\n<h3>ALSO SEE:\u00a0<a href="https:\/\/www.asiafinancial.com\/us-adds-30-more-china-firms-to-uyghur-forced-labour-blacklist">US Adds 30 More China Firms to Uyghur Forced Labour Blacklist<\/a><\/h3>\r\n<h3><\/h3>\r\n \r\n\r\nTrump also outlined "an additional 10% tariff, above any additional tariffs" on imports from China, in some of his most specific comments on how he will implement his economic agenda since winning the November 5 election on promises to "put America first".\r\n\r\n[caption id="attachment_103503" align="alignleft" width="300"]<img class="wp-image-103503 size-medium" src="https:\/\/www.asiafinancial.com\/wp-content\/uploads\/2024\/11\/rei-copy-21-300x200.jpg" alt="U.S. President-elect Donald Trump gestures as he meets with House Republicans on Capitol Hill in Washington, U.S." width="300" height="200" \/> Trump gestures as he meets House Republicans (Reuters).[\/caption]\r\n\r\n"On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders," he said in a post on Truth Social.\r\n\r\nWhile migrant arrests reached a record during President Joe Biden's presidency, straining US border enforcement, illegal crossings fell dramatically this year as Biden instituted new border restrictions and Mexico stepped up enforcement.\r\n\r\nMore than 83% of exports from Mexico went to the US in 2023 and 75% of Canadian exports go to the country.\r\n\r\n \r\n<h2>Concerns for Asian auto, electronics exporters<\/h2>\r\nThe tariffs also potentially spell trouble for overseas companies like the many Asian auto and electronics manufacturers that use Mexico as a low-cost production gateway for the US market.\r\n\r\nTrump's threatened new tariff would appear to violate the terms of the <strong><a href="https:\/\/ustr.gov\/trade-agreements\/free-trade-agreements\/united-states-mexico-canada-agreement">US-Mexico-Canada Agreement on trade<\/a><\/strong>. The deal which Trump signed into law took effect in 2020, and continued the largely duty-free trade between the three countries.\r\n\r\nCanada and the United States at one point imposed sanctions on each others' products during the rancorous talks that eventually led to USMCA. Trump will have the opportunity to renegotiate the agreement in 2026, when a "sunset" provision will force either a withdrawal or talks on changes to the pact.\r\n\r\nAfter issuing his tariff threat, Trump held a conversation with Canada's Prime Minister Justin Trudeau in which they discussed trade and border security, a Canadian source familiar with the situation said.\u00a0"It was a good discussion and they will stay in touch," the source said.\r\n\r\nTrump could be counting on the threat of tariffs to prompt an early renegotiation of USMCA, said William Reinsch, a former president of the National Foreign Trade Council.\r\n\r\n"This strikes me more as a threat than anything else," Reinsch said. "I guess the idea is if you keep hitting them in the face, eventually they'll surrender."\r\n\r\nMexico's lower house leader Ricardo Monreal, a member of the ruling Morena party, urged "the use of bilateral, institutional mechanisms to combat human, drug and arms trafficking."\r\n\r\n"Escalating trade retaliation would only hurt the people's pocketbooks and is far from solving underlying problems," he said in a post on social media platform X.\r\n\r\nTrump's announcement sparked a dollar rally. It rose 1% against the Canadian dollar and 2% against the Mexican peso, while share markets in Asia fell, as did European equity futures. S&P 500 futures fell 0.3%.\r\n\r\n \r\n<h2>China 'not doing enough on illicit drugs'<\/h2>\r\nOn China, the president-elect accused Beijing of not taking strong enough action to stop the flow of ingredients for illicit drugs crossing the border into the US from Mexico.\r\n\r\n"Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America," Trump said.\r\n\r\nA Chinese embassy spokesperson in Washington hit back.\r\n\r\n"China believes that China-US economic and trade cooperation is mutually beneficial in nature. No one will win a trade war or a tariff war," Liu Pengyu said.\r\n\r\nThe embassy also cited steps it said China had taken since a 2023 US-China meeting after which Beijing agreed it would stem the export of items related to the production of the opioid fentanyl, a leading cause of drug overdoses in the United States.\r\n\r\n"All these prove that the idea of China knowingly allowing fentanyl precursors to flow into the United States runs completely counter to facts and reality," the spokesperson said.\r\n\r\n \r\n<h2>Spotlight on MFN trading status, car exports<\/h2>\r\nTrump has previously pledged to end China's most-favoured-nation (MFN) trading status and slap tariffs on Chinese imports in excess of 60% \u2013 much higher than those imposed during his first term.\r\n\r\nThe Chinese economy is now in a much more vulnerable position given the country's prolonged property downturn, debt risks and weak domestic demand.\r\n\r\nIn the run-up to the November 5 election, Trump floated plans for blanket tariffs of 10% to 20% on virtually all imports. He also said he would put tariffs as high as 200% on every car coming across the US-Mexico border.\r\n\r\nHe also voiced his intent to formally invoke the USMCA's six-year review provision upon taking office. Currently, it is expected in July 2026.\r\n\r\nMexico's finance ministry said of Trump's tariff pledge: "Mexico is the United States' top trade partner, and the USMCA provides a framework of certainty for national and international investors."\r\n\r\nEconomists say that Trump's overall tariff plans, likely his most consequential economic policy, would push US import duty rates back up to 1930s-era levels, stoke inflation, collapse US-China trade, draw retaliation and drastically reorder supply chains.\r\n\r\nThey say tariffs are paid by the companies that import the products subject to the duties, and they either pass on the costs to consumers or accept lower profits.\r\n\r\nTrump frequently refers to countries paying as a consequence of his tariff plan, saying on Monday that Mexico and Canada will "pay a very big price."\r\n\r\n \r\n<ul>\r\n \t<li>Reuters with additional editing by Jim Pollard<\/li>\r\n<\/ul>\r\n \r\n<h3>ALSO SEE:<\/h3>\r\n<h4 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/economists-say-trump-wont-hit-china-with-60-tariffs-early-on">Economists Say Trump Won\u2019t Hit China With 60% Tariffs Early On<\/a><\/h4>\r\n<h4 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/chinese-vessel-suspected-of-cutting-baltic-subsea-cables">Chinese Vessel Suspected of Cutting Baltic Subsea Cables<\/a><\/h4>\r\n<h4 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/retaliatory-trade-tariffs-could-backfire-on-asia-imf-warns">Retaliatory Trade Tariffs Could Backfire on Asia, IMF Warns<\/a><\/h4>\r\n<h4 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/trumps-plan-to-kill-ev-tax-credits-could-benefit-china">Trump\u2019s Plan to Kill EV Tax Credits \u2018Could Benefit China\u2019<\/a><\/h4>\r\n<h4 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/trump-tariff-concerns-weigh-on-yuan-asian-currencies">Trump Tariff Concerns Weigh on Yuan, Asian Currencies<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/trump-will-have-big-impacts-on-trade-climate-change-evs" target="_blank" rel="noopener">Trump Will Have Big Impacts on Trade, Climate Change, EVs<\/a><\/h4>\r\n<h4 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/chipmakers-flee-china-shift-to-vietnam-amid-us-china-heat">Yuan Suffers Biggest Dip in a Year, Amid Fear of Trump Poll Win<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/trump-says-hell-hit-china-with-big-tariffs-if-it-takes-taiwan" target="_blank" rel="noopener">Trump Says He\u2019ll Hit China With Big Tariffs if it Takes Taiwan<\/a><\/h4>\r\n<h4 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/china-reduces-key-lending-rates-in-bid-to-rev-up-economy">China Reduces Key Lending Rates in Bid to Rev up Economy<\/a><\/h4>", "articleSection": "Asia", "mainEntityOfPage": { "@type": "WebPage", "url": "https:\/\/www.asiafinancial.com\/trump-outlines-plan-for-new-tariffs-on-canada-mexico-and-china" }, "headline": "Trump Outlines Plan For New Tariffs on Canada, Mexico and China", "description": "President-elect warns of imposing 10% tariff "above any additional tariffs" on imports from China, saying Beijing has not taken strong enough action to stop the flow of illicit drugs to the US via Mexico", "datePublished": "2024-11-26T09:03:23+00:00", "dateModified": "2024-11-26T10:57:25+00:00", "publisher": { "@type": "Organization", "name": "Asia Financial", "logo": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/themes\/atf\/images\/AF-logo-small.png", "width": "640", "height": "97" } }, "author": { "@type": "Person", "name": "Asia Financial" }, "image": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/uploads\/2024\/11\/rei-copy-27.jpg" } }</script> <script async src="https://www.googletagmanager.com/gtag/js?id=G-CNH68EHNDT"></script> <script> window.dataLayer = window.dataLayer || []; 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font-size: 12px; font-weight: 500; margin-top: 10px; color: #aaaaaa;"> Electric vehicles sit at shipping dock in China. The EU said on Wednesday it will impose tariffs of up to 48% on imported cars from July. Photo: China Daily </figcaption> </figure> </div> <div class="content"> <p> </p> <p>US president-elect Donald Trump vowed on Monday to impose big tariffs on Canada, Mexico and China.</p> <p>His proposed moves against the United States’ three biggest trading partners, while expected, could trigger trade wars, depending on the responses of the three countries.</p> <p>Trump, who takes office on January 20, 2025, said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border.</p> <p> </p> <h3>ALSO SEE: <a href="https://www.asiafinancial.com/us-adds-30-more-china-firms-to-uyghur-forced-labour-blacklist">US Adds 30 More China Firms to Uyghur Forced Labour Blacklist</a></h3> <h3></h3> <p> </p> <p>Trump also outlined “an additional 10% tariff, above any additional tariffs” on imports from China, in some of his most specific comments on how he will implement his economic agenda since winning the November 5 election on promises to “put America first”.</p> <figure id="attachment_103503" aria-describedby="caption-attachment-103503" style="width: 300px" class="wp-caption alignleft"><img loading="lazy" class="wp-image-103503 size-medium" src="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-21-300x200.jpg" alt="U.S. President-elect Donald Trump gestures as he meets with House Republicans on Capitol Hill in Washington, U.S." width="300" height="200" srcset="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-21-300x200.jpg 300w, https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-21.jpg 710w" sizes="(max-width: 300px) 100vw, 300px" /><figcaption id="caption-attachment-103503" class="wp-caption-text">Trump gestures as he meets House Republicans (Reuters).</figcaption></figure> <p>“On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders,” he said in a post on Truth Social.</p> <p>While migrant arrests reached a record during President Joe Biden’s presidency, straining US border enforcement, illegal crossings fell dramatically this year as Biden instituted new border restrictions and Mexico stepped up enforcement.</p> <p>More than 83% of exports from Mexico went to the US in 2023 and 75% of Canadian exports go to the country.</p> <p> </p> <h2>Concerns for Asian auto, electronics exporters</h2> <p>The tariffs also potentially spell trouble for overseas companies like the many Asian auto and electronics manufacturers that use Mexico as a low-cost production gateway for the US market.</p> <p>Trump’s threatened new tariff would appear to violate the terms of the <strong><a href="https://ustr.gov/trade-agreements/free-trade-agreements/united-states-mexico-canada-agreement">US-Mexico-Canada Agreement on trade</a></strong>. The deal which Trump signed into law took effect in 2020, and continued the largely duty-free trade between the three countries.</p> <p>Canada and the United States at one point imposed sanctions on each others’ products during the rancorous talks that eventually led to USMCA. Trump will have the opportunity to renegotiate the agreement in 2026, when a “sunset” provision will force either a withdrawal or talks on changes to the pact.</p> <p>After issuing his tariff threat, Trump held a conversation with Canada’s Prime Minister Justin Trudeau in which they discussed trade and border security, a Canadian source familiar with the situation said. “It was a good discussion and they will stay in touch,” the source said.</p> <p>Trump could be counting on the threat of tariffs to prompt an early renegotiation of USMCA, said William Reinsch, a former president of the National Foreign Trade Council.</p> <p>“This strikes me more as a threat than anything else,” Reinsch said. “I guess the idea is if you keep hitting them in the face, eventually they’ll surrender.”</p> <p>Mexico’s lower house leader Ricardo Monreal, a member of the ruling Morena party, urged “the use of bilateral, institutional mechanisms to combat human, drug and arms trafficking.”</p> <p>“Escalating trade retaliation would only hurt the people’s pocketbooks and is far from solving underlying problems,” he said in a post on social media platform X.</p> <p>Trump’s announcement sparked a dollar rally. It rose 1% against the Canadian dollar and 2% against the Mexican peso, while share markets in Asia fell, as did European equity futures. S&P 500 futures fell 0.3%.</p> <p> </p> <h2>China ‘not doing enough on illicit drugs’</h2> <p>On China, the president-elect accused Beijing of not taking strong enough action to stop the flow of ingredients for illicit drugs crossing the border into the US from Mexico.</p> <p>“Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America,” Trump said.</p> <p>A Chinese embassy spokesperson in Washington hit back.</p> <p>“China believes that China-US economic and trade cooperation is mutually beneficial in nature. No one will win a trade war or a tariff war,” Liu Pengyu said.</p> <p>The embassy also cited steps it said China had taken since a 2023 US-China meeting after which Beijing agreed it would stem the export of items related to the production of the opioid fentanyl, a leading cause of drug overdoses in the United States.</p> <p>“All these prove that the idea of China knowingly allowing fentanyl precursors to flow into the United States runs completely counter to facts and reality,” the spokesperson said.</p> <p> </p> <h2>Spotlight on MFN trading status, car exports</h2> <p>Trump has previously pledged to end China’s most-favoured-nation (MFN) trading status and slap tariffs on Chinese imports in excess of 60% – much higher than those imposed during his first term.</p> <p>The Chinese economy is now in a much more vulnerable position given the country’s prolonged property downturn, debt risks and weak domestic demand.</p> <p>In the run-up to the November 5 election, Trump floated plans for blanket tariffs of 10% to 20% on virtually all imports. He also said he would put tariffs as high as 200% on every car coming across the US-Mexico border.</p> <p>He also voiced his intent to formally invoke the USMCA’s six-year review provision upon taking office. Currently, it is expected in July 2026.</p> <p>Mexico’s finance ministry said of Trump’s tariff pledge: “Mexico is the United States’ top trade partner, and the USMCA provides a framework of certainty for national and international investors.”</p> <p>Economists say that Trump’s overall tariff plans, likely his most consequential economic policy, would push US import duty rates back up to 1930s-era levels, stoke inflation, collapse US-China trade, draw retaliation and drastically reorder supply chains.</p> <p>They say tariffs are paid by the companies that import the products subject to the duties, and they either pass on the costs to consumers or accept lower profits.</p> <p>Trump frequently refers to countries paying as a consequence of his tariff plan, saying on Monday that Mexico and Canada will “pay a very big price.”</p> <p> </p> <ul> <li>Reuters with additional editing by Jim Pollard</li> </ul> <p> </p> <h3>ALSO SEE:</h3> <h4 class="reports-big-head"><a href="https://www.asiafinancial.com/economists-say-trump-wont-hit-china-with-60-tariffs-early-on">Economists Say Trump Won’t Hit China With 60% Tariffs Early On</a></h4> <h4 class="reports-big-head"><a href="https://www.asiafinancial.com/chinese-vessel-suspected-of-cutting-baltic-subsea-cables">Chinese Vessel Suspected of Cutting Baltic Subsea Cables</a></h4> <h4 class="reports-big-head"><a href="https://www.asiafinancial.com/retaliatory-trade-tariffs-could-backfire-on-asia-imf-warns">Retaliatory Trade Tariffs Could Backfire on Asia, IMF Warns</a></h4> <h4 class="reports-big-head"><a href="https://www.asiafinancial.com/trumps-plan-to-kill-ev-tax-credits-could-benefit-china">Trump’s Plan to Kill EV Tax Credits ‘Could Benefit China’</a></h4> <h4 class="reports-big-head"><a href="https://www.asiafinancial.com/trump-tariff-concerns-weigh-on-yuan-asian-currencies">Trump Tariff Concerns Weigh on Yuan, Asian Currencies</a></h4> <h4><a href="https://www.asiafinancial.com/trump-will-have-big-impacts-on-trade-climate-change-evs" target="_blank" rel="noopener">Trump Will Have Big Impacts on Trade, Climate Change, EVs</a></h4> <h4 class="reports-big-head"><a href="https://www.asiafinancial.com/chipmakers-flee-china-shift-to-vietnam-amid-us-china-heat">Yuan Suffers Biggest Dip in a Year, Amid Fear of Trump Poll Win</a></h4> <h4><a href="https://www.asiafinancial.com/trump-says-hell-hit-china-with-big-tariffs-if-it-takes-taiwan" target="_blank" rel="noopener">Trump Says He’ll Hit China With Big Tariffs if it Takes Taiwan</a></h4> <h4 class="reports-big-head"><a href="https://www.asiafinancial.com/china-reduces-key-lending-rates-in-bid-to-rev-up-economy">China Reduces Key Lending Rates in Bid to Rev up Economy</a></h4> <div class="tags"> </div> <div class="author-box"> <div class="profile_images"><img width="96" height="96" src="https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--96x96.jpg" class="avatar avatar-96 photo imgauthor" alt="" loading="lazy" srcset="https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--96x96.jpg 96w, https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--150x150.jpg 150w, https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--24x24.jpg 24w, https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--48x48.jpg 48w, https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--300x300.jpg 300w" sizes="100vw" /></div> <div class="author-content"> <h3><a href="https://www.asiafinancial.com/author/jim">Jim Pollard </a></h3> <p style="font-size: 14px;"> Jim Pollard is an Australian journalist based in Thailand since 1999. 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