Trump "curbs" Chinese investment - Promises to implement tariffs on Canada and Mexico
US President Donald Trump has said he will proceed with tariffs on Canada and Mexico next month and tighten rules on Chinese investment in the US.
The promise to suspend tariffs on the two neighbors came after he signed a memorandum to curb Chinese spending on technology, energy and other strategic U.S. sectors. Both decisions risk an escalation of a potential global trade war.
“The tariffs are moving forward on schedule, on schedule,” Trump told reporters when asked if he would move forward with the delayed tariffs on Canada and Mexico. Trump initially announced 25% tariffs on Canada and Mexico, and a 10% tax on Canadian oil, scheduled to take effect on Feb. 4. He then suspended them for a month after the two countries agreed to tighten their borders to stop illegal immigrants and drug trafficking, particularly fentanyl.
Shortly thereafter, the US president announced a plan to impose a 25% import tariff on steel and aluminum, followed by an executive order to investigate reciprocal tariffs on all trading partners.
In addition to announcing tariffs on Mexico and Canada, Trump also imposed a total of 10% tariffs on Chinese goods this month, prompting retaliatory action from Beijing. Over the weekend, he proposed tariffs on the use of Chinese-made commercial ships to curb the country's dominance in the sector.
A few days ago, the US leader signed a document to curb Chinese investment in the US. The order said that China is "using our capital and ingenuity to finance and modernize its military, intelligence and security operations, posing direct threats to the security of the United States". The US will establish new rules "to curb the exploitation of our capital, technology and know-how by foreign adversaries like China to ensure that only those investments that serve American interests are allowed".
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