CTV reports that Canada was notified earlier today that the US will place 25% tariffs on Canada and Mexico while China will be hit with 10% tariffs. Canadian energy will be tariffed at 10%.
The tariffs will take effect on Tuesday and will stay in place until the fentanyl overdose “issue is sorted”.
Canada’s cabinet is set to meet at 3 pm ET with a response set to be announced at 6 pm ET.
Meanwhile, on January 29 Mexican President Claudia Sheinbaum said “We don’t think it will happen,” in regards to tariffs.
So far, Trump hasn’t said anything live or on social media about tariffs today. He’s in Florida.
This article was written by Adam Button at www.forexlive.com.
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