Donald Trump Issues High Import Tariffs from Key Partners

Washington D.C.,VIVA – The President of United States, Donald Trump signed executive orders Saturday, imposing 25% taxes on most imports from two of the country's biggest trading partners: Canada and Mexico. Goods from China will be charged a 10% tax. The tariffs take effect on Tuesday (Feb 4). 

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Trump said in a social media post he's taking the action in an effort to address the illegal flow of drugs and immigrants across the United States' northern and southern borders.

In another post Sunday morning, Trump said the tariffs were also meant to address the trade deficits that the U.S. has with a number of foreign countries, as quoted from NPR site.

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"This will be the golden age of America! Will there be some pain? Yes, maybe (and maybe not!). But we will make America great again, and it will all be worth the price that must be paid," wrote Trump.

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Presiden AS Donald Trump

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• Trump

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Canadian crude oil will be subject to a lower, 10% tariff, which could mitigate the effect on U.S. gasoline prices. Midwestern oil refineries are heavily dependent on Canadian crude.

The import taxes could result in higher prices for a wide range of products, including fruits and vegetables, flat screen TVs, and auto parts. The targeted countries have said they will respond with retaliatory tariffs of the own on U.S. exports.

Business groups started to react immediately after the announcement. A trade group representing the liquor industry said the tariffs would hurt jobs.

"Since the 1990s, trade in spirits in North America has been largely tariff-free, resulting in significant growth. U.S.-Canada trade in spirits increased by 147%, while U.S.-Mexico trade surged by 4,080%," according to a joint statement by the Distilled Spirits Council of the U.S., the Chamber of the Tequila Industry, and Spirits Canada.

The group said that the products are distinctive to each country and the tariffs would hurt the domestic industries. Bourbon and Tennessee Whiskey can only be made in the U.S., Tequila in Mexico, and Canadian Whisky in Canada.

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The American Fuel & Petrochemical Manufacturers, an industry trade group, warned in a statement on Saturday that a higher cost to import crude oil from Canada and Mexico — as well as other Canadian energy products — could mean that American consumers will end up paying more for energy.