Trump confirms 25% rates for Mexican and Canadian goods
Trump paused 25% rates in February at Canada and Mexico in exchange for concessions regarding enforcement of immigration and drug trafficking, but he recently announced that the break would officially end on Tuesday 4 March.
They include a load on Canadian oil and electricity at a lower rate of 10%.
The move is set to enormously influence housing builders. Last week Trump published a memo in which was called for ‘reciprocal’ rates that would impose the same tasks on a country they have in the United States.
Trump also has a rate of 25% on all imports of wood and he imposed a levying of 25% on steel and aluminum, which both directly affected home builders.
Trump’s comments on Monday quickly sent a shock to the US stock market, with the S&P 500 index with 2% on the market on Monday afternoon.
Trump has said in the past that they are being used to force the countries to fight fentanyl trade and to stop illegal immigration. However, he has also indicated interest in an interest in even evening trade in both countries and the encouragement of factories to move to the US
