US President Trump Announces Increased Tax Breaks for Canada and Mexico
Kathmandu, March 7: US President Donald Trump has decided to increase tax breaks by 25% for imports from Canada and Mexico. This marks the second time in two days that Trump has implemented tariffs followed by exemptions for the United States’ two largest trading partners.
The decision has added to the uncertainty for businesses and caused concern in financial markets. On Wednesday, Trump announced that carmakers would be temporarily exempted from the 25% import duties.
Mexican President Claudia Sheinbaum expressed gratitude for the move, while Canada’s finance minister mentioned that Canada would delay its retaliatory tariffs on US products.
Canadian Prime Minister Justin Trudeau revealed that he had an interesting phone conversation with Trump about taxes and noted that, despite some relief, future trade disputes between the two allies are still likely.
Following a discussion with President Sheinbaum, Trump agreed to extend the exemption for Mexican carmakers and parts suppliers until April 2. However, about 50% of US imports from Mexico and 62% of imports from Canada may still be subject to customs duties, according to a White House official.
Facebook Comment
Related News
latest Video
Trending News
- This Week
- This Month
