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Donald Trump answering questions at a press conference. The picture is of 6 September 2024.
A statement by newly elected US President Donald Trump led to a decline in the currencies of Canada, Mexico and China. According to the New York Times, Mexico’s currency peso has weakened by 1.18% in a day against the dollar. At the same time, Canada’s currency has weakened by 1% against the Canadian dollar and the US dollar. This is the biggest fall in Canada’s currency since May 2020.
This has had a minor impact on China’s currency Yuan. The yuan weakened 0.3% against the dollar.
In fact, Trump said that he will impose heavy tariffs on all goods coming from Canada, Mexico and China from the very first day after coming to power. They will continue this until the flow of drugs and illegal immigrants from these two countries stops.
Trump said – will impose 10% more tariff on China Trump said in a post on social media on Monday that he would impose 25% tariffs on Canada and Mexico. The former President said that if both Canada and Mexico wish, they can easily control illegal immigrants and drug supply. If they do not do so, they will have to pay a heavy price.
In a separate post, Trump said that he will impose 10% extra i.e. 35% tariff on China from Canada and Mexico. Trump said that China is sending large quantities of drugs illegally. He had raised this issue with China earlier also. Then the Chinese authorities had promised him that they would enact a death penalty law if the drug dealer is caught, but they did not do so.
Inflation will increase due to tariff trade war It is noteworthy that America has a trade agreement with Canada, Mexico and China. Trump himself had signed ‘North America Trade Agreement’ with Mexico and Canada during his last tenure. If Trump imposes tariffs on these countries after coming to power, it will be a violation of the agreement. Attempts to harm it may also face legal challenges.
These three countries had purchased goods worth more than 1 trillion dollars (about Rs 85 lakh crore) from America in 2023. At the same time, more than 1.5 trillion dollars were sold. According to the report, Trump’s tariff war will have the biggest impact on the auto sector, agriculture, technology and parts.
China said- no one will win in the trade war Chinese Embassy spokesperson Liu Pengyu in Washington said that there were talks between US President Joe Biden and Chinese President Xi Jinping last year. In this, steps were taken to deal with drug smuggling. But to say that China is deliberately supplying drugs like fentanyl to America is not correct.
Liu said that China-US trade is beneficial for both countries. It should not be tampered with. No one will win in a trade war.
Canada said- will discuss this issue with Trump Prime Minister Justin Trudeau’s office issued a statement saying that Canada is essential to meeting America’s energy needs. Last year, 60% of the oil the US used came from Canada. He will discuss these issues with the Trump team.
Flavio Volpe, president of the Automotive Parts Manufacturers Association of Canada, told the NYT that Trump probably wants to bring the three countries to the negotiating table through this post. Volpe said Canada supplies aluminum, cars, uranium and oil to the United States. If their prices increase then how will they compete with China?
Mexican officials have not yet responded to Trump’s post. However, Trump has already threatened to impose tariffs against Mexico. In the last days of the election campaign, he had threatened to impose tariffs of up to 100% on all goods coming from Mexico. Mexican officials then said they were also ready to impose tariffs.
According to the report, Mexico may suffer the most from Trump’s tariff war. This country is very dependent on America. It sells about 80% of its goods to America.
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