On April 2, 2024, President Trump announced reciprocal tariffs while Canada and Mexico were excluded from this new initiative. Existing tariffs on their goods will remain in effect, and they continue to negotiate on several trade agreements. Exemptions linked to the US-Mexico-Canada Agreement played a crucial role in their avoidance of new tariffs, despite ongoing trade tensions.
On April 2, 2024, President Donald Trump announced a series of reciprocal tariffs that primarily targeted various nations, yet Canada and Mexico were notably excluded from this new round of tariffs. Trump’s declaration emphasized a belief that the U.S. had been “looted, pillaged, raped, plundered” by foreign entities. The initial tariffs would commence at a baseline rate of 10% and could escalate to as high as 45% depending on the country.
In conclusion, Canada and Mexico managed to evade the reciprocal tariffs due to existing trade measures, specifically previous tariffs imposed by Trump and the exemptions under the US-Mexico-Canada Agreement. While they face continuing tariffs on certain goods, Trump’s statement allows for potential negotiation on these levies. Overall, the implications of these tariffs extend beyond mere economics, touching upon broader trade relations and national strategies.
Original Source: www.hindustantimes.com
