US President Trump said Monday that his tariffs on Canada and Mexico are starting next month, ending a monthlong suspension on the planned import taxes that could potentially hurt economic growth and worsen inflation.
“We’re on time with the tariffs, and it seems like that’s moving along very rapidly,” the U.S. president said at a White House news conference with French President Emmanuel Macron.
While Trump was answering a specific question about the taxes to be charged on America’s two largest trading partners, the U.S. president also stressed more broadly that his intended “reciprocal” tariffs were on schedule to begin as soon as April.
“The tariffs are going forward on time, on schedule,” Trump said.
Trump has claimed that other countries charge unfair import taxes that have come at the expense of domestic manufacturing and jobs. His near constant threats of tariffs have already raised concerns among businesses and consumers about an economic slowdown and accelerating inflation. But Trump claims that the import taxes would ultimately generate revenues to reduce the federal budget deficit and new jobs for workers.
“Our country will be extremely liquid and rich again,” Trump said.
In an interview on the Fox News show “Special Report” late Monday, Macron said he hoped he had convinced Trump to avoid a possible trade war, noting the difficulty of taking on a traditional ally such as Europe while simultaneously using tariffs to challenge China’s industrial might.