Tariffs will be imposed on Canada-Mexico on time, Trump said- no relief; When will the new import tax be implemented?
Regarding Trump's tariffs, Canada and Mexico as well as European countries have warned that if the US takes this step, they can also impose retaliatory tariffs on American products. According to a report by the Yale University Budget Lab, these tariffs could reduce the average annual income of American citizens by $1170 to $1245.
Staff Editor 
US President Donald Trump had recently announced to impose reciprocal tariff on all countries. Now Trump has said on Monday to impose tariff on goods imported from Canada and Mexico.
The tariff to be imposed on Canada and Mexico will be implemented from the month of March, which can increase inflation and economic recession. Donald Trump said in the press conference, 'We are implementing the tariff on time and it is progressing rapidly'.
How much tariff will be imposed on whom
Import from Canada - 25% tariff on most goods. 10% tariff on energy products like oil and electricity.
Import from Mexico - 25% tariff will be imposed on all products.
Steel and aluminum - 25% tariff already imposed will continue
Fear of inflation and trade war
Economists believe that the burden of tariff will fall on American consumers, retailers and manufacturers.
This can increase inflation and there may be a risk of economic recession.
Walmart warned that the tariffs are increasing uncertainty on trade.
Reaction of other countries to Trump's tariffs
Canada and Mexico, as well as European countries, have warned that if the US takes this step, they can also impose retaliatory tariffs on American products. According to a report by the Yale University Budget Lab, these tariffs could reduce the average annual income of American citizens by $1170 to $1245.
