Trump has set a Saturday deadline to impose the punitive duties over his demands that Canada and Mexico take stronger action to halt the flow of illegal immigrants and the deadly opioid fentanyl and precursor chemicals into the U.S.
Industry groups were furiously seeking any scrap of information on how Trump plans to implement the tariffs -- whether he would impose the full 25% with immediate effect, or announce them and delay their implementation to allow some time for negotiations over steps that the countries could take.
Trump said on Thursday that he would soon decide whether to apply the tariffs to imports of Canadian and Mexican oil, an indication that he may be concerned about their impact on gasoline prices. Crude oil is the top U.S. import from Canada and among the top five from Mexico, according to U.S. Census Bureau data.
“President Trump has a great new tax cut, the largest in history, and tariffs can easily pay for that,“ Navarro said on CNBC.
The statute, enacted in 1977 and modified after the 9/11 attacks in 2001, gives the president broad powers to impose economic sanctions in a crisis.
Trump’s nominees to run those agencies, Wall Street CEO Howard Lutnick and trade lawyer Jamieson Greer, have not been confirmed by the U.S. Senate. Trump used IEEPA to back up a 2019 tariff threat against Mexico over border issues.
Imposing the duties would tear up a 30-year free trade system that has built a highly integrated North American economy, with auto parts sometimes crossing borders several times before final assembly.
Tariffs are paid by firms that import goods and pass the costs on to consumers or accept lower profits, economists say.
Canada has drawn up detailed targets for immediate tariff retaliation, including duties on orange juice from Florida, Trump’s adopted home state, a source familiar with the plan said. Canada has a broader list of targets that could reach C$150 billion worth of U.S. imports, but would hold public consultations before acting, the source said.
During Trump’s first term, China targeted U.S. soybeans and other farm products, while the European Union hit iconic American products including bourbon whiskey and Harley-Davidson motorcycles.
But more recently, Sheinbaum has publicly doubted that Trump will follow through on his pledge to impose the tariffs, saying:
Some of that complacency may stem from Trump’s 10-hour trade war of words on Sunday with Colombian President Gustavo Petro, threatening the South American country with 25% tariffs over its refusal to allow U.S. military flights loaded with Colombian deportees. The crisis ended when Petro agreed to accept the flights.
A U.S. trade group executive, speaking on condition of anonymity, said that recent comments from Trump indicating some progress on fentanyl and immigration concerns indicated that there was a good chance that tariffs would be announced but suspended. The executive added that Trump may need to back his threats with action.
“If they keep threatening and then don’t put them in place, they’re going to lose credibility,“ the executive said.
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