With just days left before his self-imposed deadline, former President Donald Trump says he’s ready to slap tariffs as high as 70% on countries that haven’t reached new trade agreements with the United States.

Speaking at Joint Base Andrews early Friday, Trump announced the White House will begin sending formal notices to around a dozen countries per day starting immediately. These letters will outline new tariff rates that, in most cases, are set to take effect on August 1.

“They’ll range from maybe 60% or 70% tariffs to 10% and 20% tariffs,” Trump told reporters. “We’ve finalized the letters. They’ll explain exactly what each country will be paying.”

A Three-Month Moratorium Nears Its End

Back in April, Trump gave U.S. trading partners a three-month window to negotiate so-called “reciprocal” trade deals—or face steep penalties. At the time, he imposed tariffs as high as 50% on many nations. Now, with the July 9 deadline just days away, Trump appears set on following through.

The news sparked global concern, even as U.S. markets remained closed for the Independence Day holiday. International markets and futures dipped on the announcement, reflecting investor anxiety over escalating trade tensions.

Who’s on the Tariff List?

The exact list of countries receiving new tariff notices hasn’t been confirmed. However, Trump has repeatedly singled out Japan and the European Union as examples of nations he believes are taking advantage of U.S. trade policy.

Earlier this week, he threatened to send a letter to what he called “spoiled” Japan, possibly setting its tariff rate as high as 35%. Whether that move was a serious threat or just part of his negotiating playbook remains unclear.

According to Trump, most countries will receive their notices by July 9. But some flexibility may still be on the table for nations actively negotiating in good faith.

Mixed Signals from the Administration

Despite Trump’s tough stance, members of his administration have offered a more measured tone. White House Press Secretary Karoline Leavitt recently noted that “the deadline is not critical” for countries like India, which are still negotiating.

Treasury Secretary Scott Bessent echoed that view in a Fox Business interview, suggesting that talks could extend to Labor Day if progress is being made. However, Trump contradicted that softer messaging Friday, saying, “Not really,” when asked about deadline extensions.

“They’ll start to pay on August 1,” Trump said. “The money will start to come into the United States on August 1, in pretty much all cases.”

Still, Bessent told Bloomberg TV that a “flurry” of deals may be signed before July 9. For countries that don’t reach an agreement, Trump suggested they could still face a minimum 10% tariff under baseline rules announced on April 2—dubbed “Liberation Day” by the former president.

Only a Few Deals Finalized So Far

Despite Trump’s bold claims that “200 deals” were nearly done, only a few trade frameworks have been formally announced. So far, the administration has only confirmed agreements with the United Kingdom and China, with Vietnam being mentioned by Trump in a social media post—though no formal terms have been released.

“As we get to the smaller countries, we’re pretty much going to keep the tariffs the same,” Trump added.

Trump admitted that finalizing hundreds of trade deals in such a short timeframe wasn’t realistic.

“You know, we have 200 countries,” he said. “We can’t do that. So at a certain point… we’re just going to tell them what they have to pay to do business in the United States.”

A Strategy Two Months in the Making

The idea of imposing new tariffs on countries that fail to make a deal has been circulating since late April. But the deadline has shifted multiple times.

• April 23: Trump said tariffs would be imposed on countries failing to negotiate in “the next few weeks.”

• May 16: He extended that to “two to three weeks.”

• Now: The letters are said to be going out “sometime tomorrow.”

“It’s just much easier,” Trump concluded. “We have far more than 170 countries, and how many deals could you make?”

As the clock ticks down, the world is watching closely. Whether Trump’s aggressive tariff strategy will drive countries to the negotiating table—or trigger another round of global economic tension—remains to be seen.

Source: CNN – Trump says he is about to raise tariffs as high as 70% on some countries

The post Trump Plans Tariffs Up to 70% as Deadline Looms for Trade Negotiations appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.

Why the Tariffs?

In a post on Truth Social, Trump cited the illicit smuggling of fentanyl as the primary reason for the new tariffs.

“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 wrote.

• Mexico and Canada: A 25% tariff on most imports and a 10% tariff specifically on Canadian energy products like oil and electricity.
• China: The existing 10% universal tariff will double to 20% as part of efforts to curb the supply of chemicals used in fentanyl production.

Economic Impact and Stock Market Reaction

The announcement immediately rattled global markets, with concerns over higher consumer prices, potential inflation spikes, and economic slowdowns.

• The S&P 500 index dropped 1.6% on Thursday, wiping out nearly all post-election gains.
• The total cost of the Mexico and Canada tariffs for U.S. consumers is estimated between $120 billion and $225 billion annually.
• Additional tariffs on China could add another $25 billion in costs.

Consumer Concerns Over Inflation

Trump dismissed concerns that tariffs increase prices for consumers and importing companies, calling it “a myth.” However, economists argue that tariffs typically lead to higher costs for businesses and consumers, slowing economic growth.

Mexico and Canada Respond

Both Mexico and Canada emphasized their efforts to address drug trafficking and border security in response to Trump’s decision.

Mexico’s Reaction

• Mexican President Claudia Sheinbaum expressed hopes for negotiations before the tariffs take effect.
• Mexico deployed 10,000 National Guard troops to its border and is increasing intelligence-sharing efforts with U.S. officials.
• Sheinbaum remains optimistic:
  

  “I hope we are able to reach an agreement and on March 4 we can announce something else.”

Canada’s Reaction

• Prime Minister Justin Trudeau defended Canada’s $1 billion investment in border security and pushed back against claims of a crisis.
• Canada has prepared retaliatory tariffs on $30 billion of U.S. products, with an additional $125 billion in tariffs planned for three weeks later if no resolution is reached.
  

  “There is no emergency for the United States at the border with Canada when it comes to fentanyl,” Trudeau said.

China Calls for Trade Talks

China also criticized the doubling of tariffs and called for dialogue and negotiation.

• Commerce Minister Wang Wentao reached out to U.S. trade officials, urging a diplomatic solution instead of escalating tariffs.

More Tariffs on the Horizon?

Trump’s tariff strategy may expand further, with additional plans including:
25% tariffs on European imports
Tariffs on autos, computer chips, and pharmaceuticals
The removal of exemptions on steel, aluminum, and copper imports

Additionally, Trump confirmed that his “Reciprocal Tariff Plan” will begin on April 2, meaning U.S. tariffs will mirror the taxes imposed by other countries on American goods.

“The April Second Reciprocal Tariff date will remain in full force and effect,” Trump stated.

Consumer Confidence Drops Amid Tariff Fears

The announcement has already shaken consumer confidence, adding to economic uncertainty.

• The Conference Board’s Consumer Confidence Index dropped 7 points to 98.3, its largest decline since August 2021.
• Inflation expectations jumped from 5.2% to 6% in February, raising concerns about future economic stability.

“There was a sharp increase in the mentions of trade and tariffs, back to a level unseen since 2019,” said economist Stephanie Guichard of the Conference Board.

What’s Next?

With just days before the March 4 deadline, all eyes are on potential diplomatic negotiations between the U.S., Mexico, and Canada. However, the threat of a broader trade war looms, with retaliatory tariffs from key U.S. trade partners already in the works.

Key Takeaways:
Trump plans to impose tariffs on Mexico, Canada, and China starting March 4.
Stock markets and consumer confidence are already showing signs of instability.
Mexico and Canada are pushing for negotiations but are ready to retaliate if necessary.
China urges dialogue but faces a higher tariff rate from the U.S.
More tariffs on Europe, automobiles, and tech may follow.

With tensions rising, the next few weeks will be critical in determining whether Trump’s tariff strategy strengthens or weakens the U.S. economy.

Source

The post Trump to Impose New Tariffs on Mexico, Canada, and China appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.

In a move set to affect American consumers at the gas pump, new tariffs on products imported from Canada will soon lead to a price increase of 15 cents per gallon or more. The Trump administration announced the tariffs on US imports from Canada and Mexico on Saturday, with implementation set for Tuesday. The move marks a significant step in President Donald Trump’s ongoing efforts to challenge trade practices with America’s two largest trading partners.

Though the tariffs are expected to impact a wide range of goods—from cars to lumber to agricultural products—gasoline and other energy-related products could see some of the quickest price hikes.

Gasoline Prices to Rise, But Not as Much as Expected

The tariff imposed on energy products is set at 10%, which is relatively lower than the 25% tariff on other goods. This decision was made in an attempt to limit the impact on American consumers, who would otherwise face even higher gas prices and heating oil costs. Despite the effort to cushion the blow, the effect at the pump is still expected to be noticeable in the coming days.

A senior Trump administration official explained that the 10% tariff on energy products aims to “minimize disruptive effects” on fuel prices. However, as history shows, tariffs are typically passed on to consumers in the form of higher prices.

Price Increases Already Seen in Wholesale Gasoline

Even before the tariffs take effect, gasoline prices have already risen. On Monday morning, wholesale gasoline prices jumped by 8 cents per gallon, and analysts expect the final price at the pump to increase by an additional 15 cents in the next five to seven days. As of Monday, the average gas price was approximately $3.10 per gallon, according to AAA.

In addition to gasoline, diesel prices rose by 10 cents a gallon. The higher cost of diesel could lead to increased fuel surcharges for trucking companies, which would ultimately drive up the cost of goods. This also means that heating oil prices, which are closely tied to diesel fuel prices, could see an increase as well.

Impact on Oil Imports from Canada and Mexico

Canada is the largest supplier of imported oil and gasoline to the US, but Mexico also plays a significant role. While Canada’s oil is mostly transported via pipeline and is hard to reroute, Mexico’s oil exports are shipped by sea, making it easier for them to be redirected to other markets. If tariffs are implemented on imports from Mexico, the US could face even higher gas and diesel prices, although Mexico’s share of US petroleum exports is smaller than Canada’s.

On Monday, President Trump announced that the tariffs on Mexican imports would be temporarily put on hold for a month following a conversation with Mexican President Claudia Sheinbaum. However, if these tariffs go into effect later, they could still cause an impact on US fuel prices.

Will Tariffs Be Short-Lived?

Many analysts believe that the tariffs could be short-lived. Oil futures saw a modest rise of 2% to 3% on Monday morning, but some investors are betting that the tariffs will not be sustained for long. Nonetheless, consumers can expect a noticeable price increase in the short term.

Andy Lipow of Lipow Oil Associates mentioned, “What you are seeing is a great reshuffling of oil about to begin.” As Canadian and Mexican oil is redirected elsewhere, the resulting supply disruption could push prices higher for US consumers.

Regional Differences in Price Impact

Not all areas of the US will feel the price increases equally. For example, most of Canada’s oil is transported to Midwest refineries via pipeline, so states served by these refineries (including Illinois, Indiana, and Ohio) will likely see the largest price hikes. On the other hand, regions like New England—where gasoline comes from refineries in Saint John, New Brunswick—may see a rise of up to 20 cents per gallon.

The timing of the tariff imposition also plays a role in the level of price impact. Gas prices are typically lower in February due to decreased demand during the winter months. However, if the tariffs remain in place through the summer months, when gasoline consumption is at its peak, the impact could be much greater, fueling inflation and driving up prices for goods and services across the country.

Conclusion: Short-Term Pain, Long-Term Uncertainty

While the tariffs on Canadian imports will bring an immediate price increase at the pump, the full extent of the impact remains uncertain. The good news is that the tariffs on energy products are relatively lower than those on other goods, and the timing of the price hikes could be mitigated by the seasonal drop in demand for fuel. However, if the tariffs remain in place for months, US consumers could feel the strain on their wallets, with potential consequences for overall inflation.

Source

The post US Gas Prices Set to Rise After Tariffs on Canadian Imports appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.