Podcast host Josh Holmes weighs in after President Donald Trump took to social media to explain his plan to implement tariffs and discusses Elon Musk’s remarks during the first Cabinet meeting.Â
President Donald Trump said on Thursday that his proposed 25% tariffs on Mexico and Canada remain on track to go into effect next week because drugs are still pouring into the U.S. from across their borders at “very high and unacceptable levels.”
The tariffs on Mexican and Canadian goods are scheduled to go into effect on March 4, with a lower 10% tax on Canadian energy products such as oil and electricity.Â
Trump said that on that date he would also impose an additional 10% tariff on China, where he claimed a large percentage of the illicit drugs, including fentanyl, that enter the U.S. are made and supplied.
“We cannot allow this scourge to continue to harm the USA, and therefore, until it stops, or is seriously limited, the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled,” Trump said in a post on his Truth Social media site. “China will likewise be charged an additional 10% Tariff on that date.”
WHAT ARE TARIFFS, HOW DO THEY WORK AND WHO PAYS FOR THEM?
Trump has already increased tariffs on goods imported from China by 10% across-the-board on Feb. 4. (Anna Moneymaker/Getty Images, File / Getty Images)
Trump also said that the April 2 “reciprocal tariffs,” which match import duty rates of other countries, “will remain in full force and effect.”
WHAT’S HAPPENING WITH TRUMP’S TARIFFS ON CHINA, CANADA AND MEXICO?
Trucks pass over the Blue Water Bridge at the border crossing with the U.S. in Sarnia, Ontario, Canada. (GEOFF ROBINS/AFP via Getty Images, File / Getty Images)
Trump has already increased tariffs on goods imported from China by 10% across-the-board. Those tariffs took effect on Feb. 4, and the Chinese government announced retaliatory tariffs on certain U.S. energy exports and took other punitive measures, including an antitrust probe of Google and restrictions on exports of rare earth minerals.
Prime Capital Financial Director of Investments Will McGough discusses President Donald Trump’s tariffs, the impact on the markets and DOGE’s reduction of the federal workforce.Â
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The implementation of these tariffs leaves open the possibility that American consumers could face higher prices for certain products if they ultimately take effect.
Fox Business’ Eric Revell contributed to this report.