President Donald Trump issued an executive order on Saturday night imposing substantial tariffs on imports from Mexico, Canada, and China, according to the Daily Mail.
In a social media post, the Republican president justified the move as a measure to “protect Americans,” urging the three nations to take stronger action against the production and export of illicit fentanyl. He also called on Canada and Mexico to step up efforts to curb illegal immigration into the United States.
If these tariffs remain in place, they could drive inflation higher. The prices of groceries, gasoline, housing, autos and other goods will most likely increase.
President Donald Trump declared an economic emergency to justify imposing new tariffs, setting duties of 10% on all imports from China and 25% on goods from Mexico and Canada.
Energy imports from Canada, including oil, natural gas, and electricity, will be subject to a reduced 10% tariff.
The tariffs, are set to take effect on Tuesday.
A report from the Budget Lab at Yale outlined the potential financial strain on American households, estimating that the tariffs could cost the average family approximately $1,170 annually.
