US president-elect Donald Trump on Monday said he will impose tariffs on imports from China and neighbouring countries like Canada and Mexico.
Trump posted on Truth Social that on the first day of his presidency, he will sign documents to impose 25 per cent tariff on all goods imported from Canada and Mexico.
"On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25 percent tariff on ALL products coming into the United States," Trump posted.
In another post, he said China will be slapped with a 10 per cent tariff above any additional tariffs.
Will Trump spare India on tariffs?
India exports $75 billion worth of goods to the US. Interestingly, Trump did not mention India while announcing tariff plans. However, it is not clear whether he will make an exception for India in the long run.
While campaigning, Trump said was a "very big abuser" when it comes to trade, triggering worries about tariff hikes.
The tariff hikes on Beijing could benefit New Delhi as several manufacturers would be forced to leave China and pick rival hubs like India.
Responding to Trump's tariff plan, Chinese embassy representative Liu Pengyu said the China-US economic and trade cooperation is mutually beneficial in nature and warned that no one will win a trade war or a tariff war.
This comes after Trump said he would impose tariffs until China stops the flow of illegal drugs, including fentanyl, to the US.
Liu said China has notified the US of the progress in the law enforcement operations, dismissing claims that Beijing is knowingly allowing fentanyl flow to the US.
