Trump Unveils Tariff Plans on Neighboring Nations

US President Donald Trump announced plans to impose a 25% tariff on Canada and Mexico due to trade deficits, illegal immigration, and drug smuggling concerns. The decision could extend to oil exports, and similar measures are under consideration for China due to fentanyl trade issues.

In a significant move, US President Donald Trump announced his administration's intention to levy a 25% tariff on Canada and Mexico, citing reasons ranging from illegal immigration and drug smuggling to substantial trade deficits with the two nations. The announcement came from the Oval Office on Thursday.

President Trump hinted at an extension of these tariffs to include oil imports, contingent upon pricing and trade treatment by the neighboring countries. He emphasized America's self-sufficiency in oil and lumber resources, downplaying the need for Canadian and Mexican imports.

Additionally, Trump expressed concerns over China's role in the fentanyl crisis in the US, labeling it a deadly threat and indicating that tariffs could be imposed as a punitive measure. The administration is actively devising strategies to counteract this issue.

(With inputs from agencies.)