This week has seen a flurry of retaliatory actions, warnings from businesses about potential price hikes, and dramatic swings in market prices. Investors and business leaders are on edge as the trade war intensifies, diligently tracking the latest fast-paced updates from the Trump administration.
Here’s what you need to know:
The White House has granted a one-month delay on implementing tariffs for automakers whose vehicles meet the criteria of the United States-Mexico-Canada Agreement (USMCA).
Earlier this week, a 25% tariff on imports from Canada and Mexico, along with an additional 10% tariff on Chinese goods, took effect. In response, Canada and China have launched their own retaliatory tariffs, while Mexico plans to announce its countermeasures on Sunday.
China has adopted a defiant stance, asserting its willingness to engage in “any type of war” with the United States. A representative from the Chinese foreign ministry dismissed the U.S. rationale for the tariffs regarding fentanyl as a “thin excuse.”
President Trump noted that he had spoken to Canadian Prime Minister Justin Trudeau, expressing that Canada’s actions to combat the fentanyl crisis were “not adequate.”
Source (CNBC)
