U.S. President Donald Trump said he will go ahead with imposing 25 percent tariffs on Canada and Mexico on Feb. 1, adding that the tariffs could rise over time.
“I’ll be putting the tariff of 25 percent on Canada, and separately, 25 percent on Mexico, and we will really have to do that, because we have very big deficits with those countries,” Trump told reporters at the White House on Jan. 30.
Trump said he would be putting the tariffs on because of illegal immigration and drugs like fentanyl coming over the border into the United States. He also mentioned the trade deficit Washington has with the two countries, which he referred to as “the massive subsidies that we’re giving to Canada and to Mexico.”…