Trump to levy tariffs on Canada, Mexico and China

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00:00He is just two weeks into his second term.

00:04Amid a flurry of statements, the U.S. President Donald Trump is threatening the three largest

00:09trading partners for the United States.

00:12Mr. President, is there anything China, Canada and Mexico can do tonight to forestall your

00:19implementation of tariffs tomorrow?

00:21No, nothing.

00:22Not right now, no.

00:24Not a negotiating tool?

00:25No, it's not.

00:26No, it's pure economic.

00:28We have big deficits, as you know, with all three of them.

00:33The White House press secretary says for Trump it is promises made, promises kept.

00:37He is doing it, she says, to get the trading partners to crack down on illegal migrants

00:41and to stem the flow of the drug fentanyl into the United States.

00:45Canada, Mexico and China, which as I mentioned President Trump will implement a 10% tariff

00:51on China, have all enabled illegal drugs to pour into America.

00:54The amount of fentanyl that has been seized at the southern border in the last two years

00:58alone has the potential to kill tens of millions of Americans.

01:02And so the president is intent on doing this.

01:05Trump has previously stated that a 10% tariff on Chinese imports would be on top of other

01:10import taxes charged on products from the country.

01:14China responded aggressively to tariffs Trump imposed during his first term.

01:19Both Mexico and Canada are facing the prospect of 25% tariffs.

01:24They say they are prepared to retaliate.

01:26If the president does choose to implement any tariffs against Canada, we're ready with

01:31a response.

01:32A purposeful, forceful, but reasonable, immediate response.

01:38It's not what we want, but if he moves forward, we will also act.

01:43The tariffs are going to make us very rich.

01:45Trump on Friday indicated a potential carve-out for oil from Canada, saying that rate would

01:50be 10% versus the 25% planned for other goods.

01:55He said he understood the measures could result in higher costs being passed on to consumers.

02:00Economists estimate such import taxes and the likely retaliation would disrupt economic

02:05activity worldwide.

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