President Donald Trump doesn’t seem to be bothered by the potential implications of his high tariffs against Canada, Mexico, China and others.
Reportedly, while speaking before a joint session of Congress, Trump admitted that his new tariffs will cause “a little disturbance,” but maintained that it will be worth it to reap what he promises will be the eventual benefits of his aggressive trade policy.
READ: The perils of Trump’s proposed tariff trade war (February 6, 2025)
“Tariffs are about making America rich again and making America great again. And it’s happening, and it will happen rather quickly,” Trump said during the primetime address Tuesday night, the first such speech of his second term.
“There will be a little disturbance, but we’re okay with that,” Trump said. “It won’t be much.”
The U.S. imposed 25% tariffs on all imports from Canada and Mexico, with Canadian energy products facing an additional 10% tariff. These tariffs were introduced under the justification of national security concerns, particularly related to illegal immigration and drug trafficking, such as fentanyl. The Biden administration has stated previously that the tariffs target unfair economic practices.
Additionally, China was also impacted by the 20% tariff, twice as before, imposed on its goods by the Trump administration.
READ: Canada, China, Mexico, South Korea, India among 10 countries to be hit by Trump’s tariffs on aluminum, steel (February 11, 2025)
In response, both Canada and Mexico have retaliated, with Canada imposing 25% tariffs on a range of U.S. goods, and Mexico preparing similar actions. The tariffs have disrupted North American supply chains, leading to higher costs for businesses and consumers. Economists warn that these measures may not achieve their intended goals and could harm the economies of all three countries. This trade conflict has created economic uncertainties and strained relationships between the U.S., Canada, and Mexico under the USMCA (United States–Mexico–Canada Agreement) free trade framework.
Reportedly, the remarks came hours after the stock market plummeted for a second straight day, as Trump’s sweeping 25% tariffs on Canada and Mexico took effect.