in World News Trump announces 25% tariffs on Canada, Mexico will take effect at midnight: ‘They’re all set’
By Steven Nelson and Josh Christenson
President Trump said Monday that Canada and Mexico have “no room left” for talks to avoid a new 25% tariff — with the duty set to begin at midnight alongside a new 20% tariff on Chinese goods.
“On the tariffs, is there any room left for Canada and Mexico to make a deal before midnight?” a journalist asked Trump at the White House.
“No room left for Mexico or for Canada,” Trump replied.
“No, the tariffs, you know, they’re all set. They go into effect tomorrow.”
Trump added that the new tariff on Chinese-made goods would be 20% — double the amount he previously threatened — which White House aides subsequently confirmed.
China, Mexico and Canada are America’s top three sources of imports and collectively send almost half of all goods that flow into the US, meaning there is likely to be a noticeable impact on consumer costs.
All three major US stock indexes spiraled downward following the president’s announcement, with the Dow Jones Industrial Average diving about 650 points — a drop of 1.5% — and the Nasdaq shedding more than 2.6% of its total, nearly 500 points
Trump last month delayed the implementation of the 25% tariff against goods from neighboring countries when Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum rushed to reassure him they would crack down on illegal immigration and fentanyl smuggling.