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Trump said on Monday afternoon, March 3, that the US will impose 25 percent rates on imports from the two neighboring nations and the United States’ primary trading partners, effectively quashing any last-minute hopes for a negotiated agreement.
“There’s no room left for Mexico or for Canada” to negotiate to prevent the tariffs from taking effect on Tuesday, March 4, Trump said at the White House, adding, “They’re all set.”
The Dow Jones Industrial Average slid 649.67 points, or 1.5 percent, to finish at 43,191.24, and the S&P 500 dropped 1.8 percent to 5,849.72, marking the worst declines since December. The Nasdaq Composite fell 2.6 percent to 18,350.19.
These tariffs come after Trump signed an executive order on Saturday, Feb. 1, initially imposing similar duties but delaying their implementation after Mexico and Canada made commitments to address border issues.
However, Trump expressed frustration over the ongoing flow of illicit drugs from these countries, stating that fentanyl is still “pouring into our country at very high and unacceptable levels.”
Commerce Secretary Howard Lutnick had hinted earlier that Trump might soften his stance, acknowledging progress made by Mexico on border security.
Despite these efforts, Trump remains steadfast in his approach, emphasizing that tariffs serve as a means to exert US strength against both allies and adversaries.
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