RE:Fear of Tariffs Donald Trump will issue a broad trade memo on Monday that stops short of imposing new tariffs on his first day in office, but rather directs federal agencies to evaluate U.S. trade relationships with China, Canada and Mexico, an incoming Trump administration official said.
President-elect Trump, who takes office on Monday, has pledged tariffs of 10 per cent on global imports, 60 per cent on Chinese goods and a 25 per cent import surcharge on Canadian and Mexican products, duties that may upend trade flows, raise costs and draw retaliation.
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The official, confirming a Wall Street Journal report, said Trump will direct agencies to investigate and remedy persistent trade deficits and address unfair trade and currency policies by other nations.
The memo will single out China, Canada and Mexico for scrutiny but will not announce new tariffs, the official said. It will direct agencies to assess Beijing’s compliance with its 2020 trade deal with the U.S., as well as the status of the U.S.-Mexico-Canada Agreement, or USMCA, the official said.