President Donald Trump told reporters on Monday that tariffs on Canada and Mexico will go into effect on Tuesday, adding that there is no possibility of the countries making a deal before the midnight deadline.
Trump’s 25% tariffs on each country were initially set to go into effect in early February, but the president pushed the date back after Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum agreed to send more troops to their borders and help stop the flow of migrants and illegal drugs into the United States.
“On the tariffs, is there any room left for Canada and Mexico to make a deal before midnight?” a reporter asked Trump at the White House.
“No room left for Mexico or for Canada. No,” he replied. “The tariffs, you know, they’re all set. They go into effect tomorrow.”
“And just so you understand, vast amounts of fentanyl have poured into our country from Mexico, and as you know, also from China, where it goes to Mexico and goes to Canada,” Trump added.
Q: “On the tariffs, is there any room left for Canada and Mexico to make a deal before midnight?”
President Trump: “No room left for Mexico or for Canada. No. The tariffs you know, they’re all set. They go into effect tomorrow.” pic.twitter.com/Ou4ssKMtmt
— CSPAN (@cspan) March 3, 2025
Trump also said that he will increase tariffs on China by 10% after imposing a 10% tariff on imports from the communist country in February, The Wall Street Journal reported.
After Trump confirmed that the tariffs are moving forward, the Dow Jones Industrial dropped nearly 1.48%, the Nasdaq Composite fell 2.64%, and the S&P 500 slid 1.5%, its biggest drop since December, CBNC reported. The tariffs will affect products ranging from avocados, beer, and vehicles from Mexico to crude oil, lumber, and car parts from Canada.
With the move, Trump hopes to bring manufacturing and jobs back to the United States. Trump said that companies, such as car manufacturers, need to “build their car plants … and other things, in the United States, in which case you have no tariffs.” Earlier on Monday, it was reported that Honda will produce its next generation Civic hybrid in Indiana instead of Mexico to avoid Trump’s tariffs.
Canadian officials who met with Trump’s border czar Tom Homan last week came away frustrated and unsure of what the Trump administration wants from Canada, according to WSJ. Trump’s team, however, suggested that the president remains unhappy with how Canada and Mexico are addressing drug trafficking. Commerce Secretary Howard Lutnick told CNN on Monday, “[Trump] knows they have done a good job on the border, they haven’t done enough on fentanyl, let’s see how the president weighs that today.”
Both Canada and Mexico have vowed to retaliate with tariffs on American goods.
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[[{“value”:”
President Donald Trump told reporters on Monday that tariffs on Canada and Mexico will go into effect on Tuesday, adding that there is no possibility of the countries making a deal before the midnight deadline.
Trump’s 25% tariffs on each country were initially set to go into effect in early February, but the president pushed the date back after Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum agreed to send more troops to their borders and help stop the flow of migrants and illegal drugs into the United States.
“On the tariffs, is there any room left for Canada and Mexico to make a deal before midnight?” a reporter asked Trump at the White House.
“No room left for Mexico or for Canada. No,” he replied. “The tariffs, you know, they’re all set. They go into effect tomorrow.”
“And just so you understand, vast amounts of fentanyl have poured into our country from Mexico, and as you know, also from China, where it goes to Mexico and goes to Canada,” Trump added.
Q: “On the tariffs, is there any room left for Canada and Mexico to make a deal before midnight?”
President Trump: “No room left for Mexico or for Canada. No. The tariffs you know, they’re all set. They go into effect tomorrow.” pic.twitter.com/Ou4ssKMtmt
— CSPAN (@cspan) March 3, 2025
Trump also said that he will increase tariffs on China by 10% after imposing a 10% tariff on imports from the communist country in February, The Wall Street Journal reported.
After Trump confirmed that the tariffs are moving forward, the Dow Jones Industrial dropped nearly 1.48%, the Nasdaq Composite fell 2.64%, and the S&P 500 slid 1.5%, its biggest drop since December, CBNC reported. The tariffs will affect products ranging from avocados, beer, and vehicles from Mexico to crude oil, lumber, and car parts from Canada.
With the move, Trump hopes to bring manufacturing and jobs back to the United States. Trump said that companies, such as car manufacturers, need to “build their car plants … and other things, in the United States, in which case you have no tariffs.” Earlier on Monday, it was reported that Honda will produce its next generation Civic hybrid in Indiana instead of Mexico to avoid Trump’s tariffs.
Canadian officials who met with Trump’s border czar Tom Homan last week came away frustrated and unsure of what the Trump administration wants from Canada, according to WSJ. Trump’s team, however, suggested that the president remains unhappy with how Canada and Mexico are addressing drug trafficking. Commerce Secretary Howard Lutnick told CNN on Monday, “[Trump] knows they have done a good job on the border, they haven’t done enough on fentanyl, let’s see how the president weighs that today.”
Both Canada and Mexico have vowed to retaliate with tariffs on American goods.
“}]]
