U.S. Tariff Tensions Escalate: Impacts on Canada, Mexico, and China

U.S. Commerce Secretary Howard Lutnick announced upcoming tariffs on Canada and Mexico, set to begin Tuesday. President Trump will finalize the rates, initially expected to be 25%. Meanwhile, tariffs on China may rise from 10% to 20% if fentanyl trafficking issues persist.

On Sunday, U.S. Commerce Secretary Howard Lutnick informed Fox News viewers that tariffs on Canada and Mexico are set to be implemented on Tuesday as planned, pending President Trump's final decision on their specific rates.

Initially announced as 25%, there remains a possibility of adjustment, as Lutnick noted during an appearance on 'Sunday Morning Futures'.

In a related move, President Trump is anticipated to increase tariffs on China to 20% from the existing 10% if the nation takes no actionable steps to halt fentanyl trafficking into the United States, according to Lutnick.

(With inputs from agencies.)