Berliner Boersenzeitung - US unveils sweeping tariffs on Canada, Mexico, China

EUR -
AED 3.789561
AFN 76.963648
ALL 98.873227
AMD 414.991487
ANG 1.872018
AOA 942.496424
ARS 1086.78393
AUD 1.644896
AWG 1.859704
AZN 1.755347
BAM 1.956693
BBD 2.097217
BDT 126.667834
BGN 1.953143
BHD 0.388861
BIF 3075.044386
BMD 1.031736
BND 1.402813
BOB 7.177277
BRL 6.006252
BSD 1.038654
BTN 90.860164
BWP 14.367281
BYN 3.399319
BYR 20222.026915
BZD 2.086412
CAD 1.479659
CDF 2945.606364
CHF 0.939581
CLF 0.025926
CLP 994.882423
CNY 7.537551
CNH 7.543327
COP 4274.183322
CRC 529.431463
CUC 1.031736
CUP 27.341006
CVE 110.315367
CZK 25.085641
DJF 184.970868
DKK 7.459514
DOP 64.448176
DZD 139.776663
EGP 51.900464
ERN 15.476041
ETB 132.91671
FJD 2.387234
FKP 0.849724
GBP 0.832322
GEL 2.868587
GGP 0.849724
GHS 16.048327
GIP 0.849724
GMD 74.285247
GNF 8979.925955
GTQ 8.031706
GYD 217.749419
HKD 8.037281
HNL 26.472574
HRK 7.613746
HTG 135.859397
HUF 404.685574
IDR 16853.976111
ILS 3.676148
IMP 0.849724
INR 90.240021
IQD 1360.721274
IRR 43436.088007
ISK 146.60891
JEP 0.849724
JMD 164.121753
JOD 0.731912
JPY 156.955428
KES 133.248416
KGS 90.225315
KHR 4172.824327
KMF 491.621567
KPW 928.562575
KRW 1496.104976
KWD 0.31859
KYD 0.865595
KZT 529.671836
LAK 22567.084885
LBP 93016.867817
LKR 308.757979
LRD 206.700368
LSL 19.146556
LTL 3.046448
LVL 0.624087
LYD 5.10023
MAD 10.392645
MDL 19.475703
MGA 4894.13968
MKD 61.450191
MMK 3351.0385
MNT 3505.839267
MOP 8.333605
MRU 41.600187
MUR 48.491786
MVR 15.899504
MWK 1801.087422
MXN 21.286467
MYR 4.612135
MZN 65.938518
NAD 19.146742
NGN 1554.166382
NIO 38.226712
NOK 11.575098
NPR 145.375557
NZD 1.825611
OMR 0.397204
PAB 1.038674
PEN 3.860162
PGK 4.171824
PHP 59.970726
PKR 289.85042
PLN 4.182833
PYG 8192.581734
QAR 3.787129
RON 4.977304
RSD 117.062882
RUB 100.208347
RWF 1464.540286
SAR 3.869066
SBD 8.714882
SCR 14.772718
SDG 620.073246
SEK 11.268792
SGD 1.396939
SHP 0.849724
SLE 23.461609
SLL 21634.989377
SOS 593.659543
SRD 36.219092
STD 21354.853522
SVC 9.08915
SYP 13414.632329
SZL 19.140368
THB 35.004745
TJS 11.368791
TMT 3.621394
TND 3.317215
TOP 2.416432
TRY 37.142767
TTD 7.047218
TWD 33.849712
TZS 2652.776065
UAH 43.050521
UGX 3814.741724
USD 1.031736
UYU 45.180847
UZS 13459.145138
VES 62.350753
VND 26195.778743
VUV 122.489778
WST 2.889714
XAF 656.243905
XAG 0.031999
XAU 0.000355
XCD 2.788318
XDR 0.796648
XOF 656.243905
XPF 119.331742
YER 256.954213
ZAR 19.005765
ZMK 9286.861617
ZMW 29.057704
ZWL 332.218593
  • RBGPF

    67.2100

    67.21

    +100%

  • RYCEF

    -0.0300

    7.42

    -0.4%

  • SCS

    -0.2200

    11.36

    -1.94%

  • NGG

    -0.1300

    61.54

    -0.21%

  • RIO

    -0.2400

    61.95

    -0.39%

  • CMSC

    -0.0700

    23.37

    -0.3%

  • BTI

    0.1400

    41.76

    +0.34%

  • VOD

    0.1300

    8.57

    +1.52%

  • RELX

    -0.4100

    49.99

    -0.82%

  • GSK

    -0.3400

    36.04

    -0.94%

  • BCC

    -1.8300

    123.28

    -1.48%

  • BCE

    -1.3800

    22.14

    -6.23%

  • AZN

    -0.3700

    71.99

    -0.51%

  • JRI

    -0.0200

    12.81

    -0.16%

  • BP

    0.3100

    32.27

    +0.96%

  • CMSD

    -0.0800

    23.75

    -0.34%

US unveils sweeping tariffs on Canada, Mexico, China
US unveils sweeping tariffs on Canada, Mexico, China / Photo: Mandel NGAN - AFP/File

US unveils sweeping tariffs on Canada, Mexico, China

President Donald Trump is imposing steep tariffs on major US trading partners Canada, Mexico and China, with a lower rate on Canadian energy imports, the White House said Saturday.

Text size:

Canadian and Mexico exports to the United States will face a 25 percent tariff rate, although energy resources from Canada will have a lower 10 percent levy.

Goods from China, which already face various rates of duties, will see an additional 10 percent tariff, said the White House.

Washington earlier told Ottawa to expect the broad duties on its exports starting Tuesday, a Canadian government source told AFP.

Trump is invoking the International Emergency Economic Powers Act in imposing the tariffs, with the White House saying "the extraordinary threat posed by illegal aliens and drugs, including deadly fentanyl, constitutes a national emergency."

The announcement threatens upheaval across supply chains from energy to automobiles and food.

Trump has repeatedly expressed his love for tariffs, and has signaled that Saturday's action could be the first volley in further trade conflicts to come.

This week, the US president pledged to impose duties on the European Union.

He has also promised tariffs on semiconductors, steel, aluminum, as well as oil and gas -- without specifying which countries would be targeted.

Trump returned to his Mar-a-Lago estate in Florida for the weekend with no public events on his official schedule Saturday. He headed to the golf course Saturday morning.

Canadian Prime Minister Justin Trudeau is expected to hold a press conference around 6:00 pm (2300 GMT), two Canadian government sources told AFP.

- Growth concerns -

Imposing sweeping tariffs on three key US trading partners carries risks for Trump, who swept to victory in November's election partly due to public dissatisfaction over the economy.

Higher import costs would likely "dampen consumer spending and business investment," said EY chief economist Gregory Daco.

He expects inflation would rise by 0.7 percentage points in the first quarter this year with the tariffs, before gradually easing.

"Rising trade policy uncertainty will heighten financial market volatility and strain the private sector, despite the administration's pro-business rhetoric," he said.

Trump's supporters have downplayed fears that tariffs would fuel inflation, with some suggesting his planned tax cuts and deregulation measures could boost growth instead.

Democratic lawmakers criticized Trump's plans, with Senate Minority Leader Chuck Schumer saying Friday: "I am concerned these new tariffs will further drive up costs for American consumers."

Canada and Mexico are major suppliers of US agricultural products, with imports totaling tens of billions of dollars from each country per year.

Tariffs would also hit the auto industry hard, with about 70 percent of light vehicles built in Canada and Mexico destined for the United States, according to S&P Global Mobility.

The research group added that automakers and suppliers also produce components throughout the region, meaning tariffs will likely increase costs for US-made vehicles.

- Ready to respond -

Trudeau said Friday that Ottawa is ready with "a purposeful, forceful" response.

Doug Ford, premier of Canada's economic engine Ontario, warned Saturday that "the impact of these tariffs will be felt almost immediately," predicting potential job losses and a slowdown in business.

Canada should "hit back hard and hit back strong," he said at a local election campaign stop.

Mexican President Claudia Sheinbaum previously said her government would await any announcement "with a cool head" and had plans for whatever Washington decides.

Sheinbaum has met Mexican business representatives, with her economy minister Marcelo Ebrard saying on social media Saturday that the private sector was closing ranks around her in the face of potential commercial "arbitrariness."

White House Press Secretary Karoline Leavitt, however, on Friday dismissed concerns of a trade war.

Hiking import taxes on crude oil from countries like Canada and Mexico could bring "huge implications for US energy prices, especially in the US Midwest," noted David Goldwyn and Joseph Webster of the Atlantic Council.

Nearly 60 percent of US crude oil imports are from Canada, according to a Congressional Research Service report.

(Y.Yildiz--BBZ)