Officials in China, Mexico and Canada criticized (Nov. 26, 2024) a pledge made by President-elect Donald Trump on social media to impose new tariffs on all three of the United States’ largest trading partners on the first day of his presidency. Trump said the move, which appears to violate the terms of a free-trade deal Trump signed into law in 2020, is aimed at clamping down on drugs − fentanyl especially − and migrants crossing into the U.S. illegally.
A tariff is effectively a tax imposed by one country on the goods and services imported from another country. Oil is the top U.S. import from Canada. The largest category of goods imported to the U.S. from Mexico is cars and components for cars. The U.S. imports a significant amount of electronics from China. Some goods are exempt from tariffs because of the U.S.-Mexico-Canada Agreement.
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