U.S. President Donald Trump is expected to announce tariffs against Canada and Mexico starting on March 1st. A report from Reuters indicates that certain imports will be exempted. This report is attributed to three people who have asked not to be named publicly.
The sources say that final tariff rates have not been decided, but Trump has noted in the past that he plans to impose a 25 percent tariff on imports from these countries.
Reuters reports that an administration official said on Friday that Trump is reviewing tariff plans, and even though there may be some exemptions, they will be “few and far between.” Additionally, Reuters points out that a 28-day window before the implementation begins alongside a way for exemptions suggests that the Trump administration is approaching this carefully.
Additionally, this news may prompt the Canadian and Mexican governments to meet with Trump’s administration and allow for negotiations.
Of course, tariffs could increase the price of electronics like Google and Apple devices. Even if the devices are made outside of the U.S., their producers are often paid in U.S. dollars, which can, therefore, cause an eventual rise in price.
In related news, Trump says he’ll also soon impose tariffs on semiconductors made outside of the U.S., which can increase prices on devices like phones, cars and video game consoles.
Header image credit: Shutterstock
Source: Reuters
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