Trump plans 25pc tariffs on Mexico, Canada by February 1

Donald Trump’s first day back in at the White House was one without major action on his biggest economic initiative — tariffs — but he made clear that historic new duties are coming.

“We are thinking in terms of 25 percent on Mexico and Canada,” he said while signing a slew of executive orders in the Oval Office, and added that they could happen soon. I think we are going to do it on February 1,” he said.

He also suggested that blanket tariffs remain on the table but could be farther off, saying all countries rip off the United States to some extent.

As for China, he declined to offer details on new tariffs for that country, saying that meetings and negotiations are ongoing. But, again, he made it clear that tariffs are on the table — possibly even as the countries discuss what to do about social media app TikTok.

Trump said that “if China didn’t approve (a TikTok divestiture deal), we could put tariffs on China” as he signed an order directing the attorney general not to enforce the law banning the social media app for 75 days. TikTok’s parent is a Chinese company, ByteDance.

During the campaign, Trump vowed tariffs as high as 60 percent on China and up to 20 percent on other trading partners. After his victory, he vowed an additional 10 percent duties on China and 25 percent on Mexico and Canada.

Trump did sign an order Monday on establishing an “America First Trade Policy” that directed various figures in his administration, including his trade representative — The Standard