US President Donald Trump signed an order to increase the tariffs imposed on Chinese imports to 20% from the earlier 10%, the White House announced on Monday.
The order will come into effect immediately, according to the announcement.
The decision to act under the International Emergency Economic Powers Act and the National Emergencies Act was in response to the increasing toll that synthetic opioids have had on public health, leading to widespread addiction and overdose deaths.
“I have determined that the PRC has not taken adequate steps to alleviate the illicit drug crisis through cooperative enforcement actions,” the US President said in the announcement.
The executive order will be implemented in accordance with existing legal frameworks and will only be carried out if sufficient appropriations are available, ensuring a balanced approach to enforcement.
In addition, Trump said he would go ahead with the new tariffs on Canada and Mexico starting Tuesday. “No room left for Mexico or for Canada,” he told reporters on Monday.
A month ago, the US President unleashed a barrage of trade threats and suggested the strength of the US economy gave him more leverage in any talks. Now, growth is showing signs of weakness, partly because of widespread tariff uncertainty.
Trump has also ordered a halt on all US military aid to Ukraine, increasing pressure on President Volodymyr Zelenskyy, just days after their meeting.
. Read more on Economy & Finance by NDTV Profit.The order will come into effect immediately, according to the announcement. Read MoreEconomy & Finance, World, Business, Notifications
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