US tariffs on Canada and Mexico have been postponed by one month after both Mexico and Canada agreed to take further action on securing the border from illegal immigrants and drug trafficking, especially Fentanyl. Markets bounced back with the news but the Euro is still under pressure.
During the weekend President Trump ordered 25% tariffs on Mexico and Canada and 10% tariffs on China.
Mexican President Claudia Sheinbaum has claimed that following negotiations with President Trump, the Mexican government will be sending up to 10,000 more troops to the Mexican border to curb illegal immigration and drug smuggling. The new addition of troops, sourced from the Guardia Nacional, will put further strain on Mexico’s armed forces that are challenged by drug cartels who control large areas of the country apart from having an overbearing influence on government, the state and politics. A cartel leader called “El Ricky” who leads the “Cartel del Noreste” has also been arrested in Mexico following discussions between Mexico’s President and President Trump
Meanwhile, Canada’s Prime Minister Justin Trudeau has announced that Canada will be implementing its border plan with the US which it had already agreed upon last December. However, in addition to this, Canada is also creating a new and specific government role aimed at reducing Fentanyl smuggling through the border.
President Trump said that he will now set his sights on the EU potentially threatening it with 10% tariffs. Recently, President Trump also stated that the Europe is not buying enough cars from the US.
Newsroom
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