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Trump says 25% tariffs on Mexican and Canadian imports will start Tuesday, with ‘no room’ for delay​

By ZEKE MILLER, JOSH BOAK and ROB GILLIES
Updated 9:18 PM CST, March 3, 2025

WASHINGTON (AP) — President Donald Trump said Monday that 25% taxes on imports from Mexico and Canada would start Tuesday, sparking renewed fears of a North American trade war that already showed signs of pushing up inflation and hindering growth.

“Tomorrow — tariffs 25% on Canada and 25% on Mexico. And that’ll start,” Trump told reporters in the Roosevelt Room. “They’re going to have to have a tariff.”

Trump has said the tariffs are to force the two U.S. neighbors to step up their fight against fentanyl trafficking and stop illegal immigration. But Trump has also indicated that he wants to eliminate the Americas’ trade imbalances as well and push more factories to relocate in the United States.

His comments quickly rattled the U.S. stock market, with the S&P 500 index down 2% in Monday afternoon trading. It’s a sign of the political and economic risks that Trump feels compelled to take, given the possibility of higher inflation and the possible demise of a decades-long trade partnership with Mexico and Canada as the tariffs would go into effect at 12:01 a.m. Tuesday.

Yet the Trump administration remains confident that tariffs are the best choice to boost U.S. manufacturing and attract foreign investment. Commerce Secretary Howard Lutnick said Monday that the computer chipmaker TSMC had expanded its investment in the United States because of the possibility of separate 25% tariffs. ...

READ THE FULL STORY - AP

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