Trump considering 10% tariff on China from Feb 1

Investing.com– U.S. President Donald Trump said on Tuesday he is considering imposing 10% tariffs on Chinese imports from February 1, as he raised the possibility of increased duties on several major economies. 

Speaking at a White House event on his second day in office, Trump said he was considering the Chinese tariffs on concerns over the flow of illicit drugs, specifically fentanyl, from China to Mexico and Canada, and into the U.S. 

He raised the possibility of tariffs against Mexico and Canada on similar grounds, of around 25%. 

Trump also raised the possibility of tariffs against the European Union, on the grounds that they had trade imbalances with the U.S.

 Trump had campaigned on promises of steep tariffs to further the U.S.’ trade dominance, and had threatened to impose 60% tariffs on China and potentially 100% tariffs on Mexico and Canada. 

But he did not impose any tariffs through executive orders on his first day in office, as widely expected. The 10% tariffs threatened by Trump against China are also much lower than what he had promised when campaigning.