U.S. president Donald Trump officially signed a regulation imposing last night customs duties on goods from China, Mexico and Canada. Customs duties for Mexico and Canada will amount to 25% and for China – 10%. Shortly after the signature of the regulation, there was a decisive consequence from the 3 affected countries.
Prime Minister of Canada Justin Trudeau said the country would impose 25% tariffs on US goods worth US$ 155 billion (PLN 433 billion) imported into Canada.
Trudeau added that any customs duties on U.S. goods worth $30 billion (PLN 83 billion) would enter into force on Tuesday, and duties on all another products would apply in 21 days, according to Reuter.
The Prime Minister of Canada warned that fresh duties harm the United States and called on Canadians to buy Canadian products and spend their holidays in their own country alternatively than in the US. Trudeau warned that “the hard times are coming.”
The countries are retaliating.
Chinese government besides condemned The US President's administration imposes 10% duties on Chinese imports, which opens up the anticipation of negotiations with the United States to avoid Deepening the conflict “ Reuters said.
Beijing will challenge Trump's decision at the planet Trade Organisation and take "remedies" in consequence to the duties that will start to apply on Tuesday, reported the Chinese Ministry of Finance and Trade.
President of Mexico Claudia Sheinbaum ordered the imposition of retaliatory tariffs in consequence to the United States' decision to impose a 25% work on all goods originating in Mexico.
Mexico is preparing to introduce possible retaliation duties on imports from the USA, ranging from 5 to 20 percent, for pork, cheese, fresh products as well as steel and aluminium, supply sources acquainted with the case.
"I have recommended that my minister of the economy implement Plan BThat we worked on. It includes tariff and non-tariff measures to defend Mexico's interests," Sheinbaum said. The United States is by far the most crucial abroad marketplace for Mexico, and in 2023 the country overtook China as a destination for American exports.
This could change the form of planet trade
American bank JP Morgan announced that this period it will supply gold bars worth $4 billion (PLN 16 billion). As the Guardian reports, this announcement raises concerns that the duties imposed and announced by Donald Trump will change the form of planet trade.
The American bank, the world's largest gold bar trading company, reported that it would deliver over 937 tons of gold on the basis of contracts expire in February.
Delivery followed the increase in the price of gold to 2813 dollars (11.4 1000 zł) per ounce.
Mandel Ngan / AFPDonald Trump
Experts inform that Trump's decisions to introduce duties may lead to rising inflation in the US. They besides mean that prices in the United States can emergence dramatically. Even Trump admitted that this could have negative consequences for American consumers.
"Some temporary short-term disturbances may happen and people will understand. But customs will make us very rich and very strong – and we will treat another countries very fairly," Trump said on Friday erstwhile journalists asked him about the costs of customs being passed on to importers and so to consumers.
A punch for American wallets
Analysts and fuel merchants say that, due to Trump's decision, American consumers will see higher prices at petrol stations “ The Guardian” says.
The United States imports around 4 million barrels of Canadian oil a day, 70% of it being processed by refineries in the Midwest. The US besides imports over 450,000 barrels of Mexican oil per day, mainly for refineries located along the Gulf of Mexico coast in the US.
"We can anticipate a crucial increase in fuel prices if oil and refined products are not excluded," wrote GasBuddy analyst Patrick De Haan in a post on social media. In a telephone interview for Reuter's agency, he said The longer the hold in raising prices, the greater the impact on consumers.
The American Association of Fuel Manufacturers and Petrochemistry, which represents American refinery companies, reported on Saturday that it hopes that duties will be abolished before consumers start to feel their effects.
