President Trump is planning to put a 10% tariff on Chinese imports by February 1st. He decided this with his administration “based on the fact that they’re sending fentanyl to Mexico and Canada.”

According to a recent BBC report, Trump had threatened to impose a 25% tariff on Mexico and Canada previously on the basis of accusations that they were sending migrants and drugs to the US illegally.

Moreover, in a Washington press conference held on Tuesday, Trump promised to put tariffs on the European Union as well. He said, “China is an abuser, but the European Union is very, very bad to us.”

He added that the European Union’s treatment of the US is unfair, so “they’re going to be in for tariffs.” This is Trump’s way of getting back to them and the only way “to get fairness.”

Federal agencies were instructed to review the existing trade deals to uncover unfair practices by the US trading partners right after Donald Trump took over the Oval Office on Monday.

Targeted US trading partners ready for counter-tariffs

At the World Economic Forum in Davos, a Chinese official in a higher position opposed protectionism. Ding Xuexiang, the country’s vice president, demands a “win-win” solution to trading issues without mentioning the US.

During his campaign, Trump had talked about 60% of tariffs on China-based imports.

Justin Trudeau, the Prime Minister of Canada, said that if Trump moves on to impose tariffs on Canada, “Canada will respond, and everything is on the table.”

Ottawa is also getting back to the US in reactionary tariffs worth billions of dollars, reportedly.

Although China, Mexico, and Canada are the US’s top trading partners for the US, President Trump takes these tariffs as a way to increase growth, promote jobs, and generate more tax revenue.

However, this could result in higher prices for Americans and affect the companies by foreign counters, according to several economists.

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