Mr. Trump announced an additional 10% tax on China

On February 26, on the Truth Social social network, President Donald Trump said he intended to impose a 25% tax on goods imported from Mexico and Canada will take effect on March 4 as planned, because drugs are still being poured into the US from these countries. He also announced that on the same day, he would impose an additional 10% tax on Chinese imports. Earlier, goods imported from China to the US were supplemented with 10% additional tax on February 4.

Thus, Chinese goods imported into the US can withstand 20% of import taxes from the beginning of the following month.

The US President explained the amount of drugs flowing into the United States “is still high and difficult to accept”. “We cannot let this continue to harm the United States. Until this stops or is minimized, the import tax on March 4 is still effective. China may also be an additional 10% more tax on that day,” he wrote on his personal page.

Earlier this month, he signed an order to apply tax on Mexican, Canada and China. However, on February 3, just a few hours before the import tax took effect, Mr. Trump announced the postponement of this policy for a month with Mexico and Canada. The reason is that the US has reached an agreement to tighten smuggling and immigration activities with these two countries.

Meanwhile, taxes with China have been valid since February 4. From Mr. Trump’s first term, about US $ 300 billion in Chinese goods were taxed 25% when entering the United States.

Mexican Economic Minister Marcelo Ebrard will meet with US trade representatives Jamieson Greer and US Trade Minister Howard Lutnick on February 28, in order to prevent import tax in effect. Meanwhile, Canadian Public Safety Minister David McGuinty on February 27 confirmed that he had tried to tighten security along the border and prevent drug trafficking from entering the United States. He thinks that the Trump administration will be satisfied with this progress.

In a letter to Mr. Jamieson Greer, Chinese officials also said that the two sides should resolve economic and trade concerns through dialogue and fair consultation.

Above CNBCKevin Hassett – the White House Economic Advisor on February 27, said Mr. Trump will decide new tax policies with all countries after the US officials have completed the study on April 1. In today’s post, Mr. Trump also confirmed that he will impose a reciprocal tax on April 2.