The United States has announced new tariffs on imports from China, Mexico, and Canada, sparking concerns over significant economic repercussions.
On February 1, President Donald Trump signed an executive order imposing a 10% tariff on all imports from China, in addition to existing tariffs. The order also includes an extra 25% tariff on imports from Mexico and Canada.
China has expressed strong dissatisfaction with the new tariffs. A spokesperson from the Ministry of Commerce stated on Sunday that China firmly opposes the additional tariffs and plans to file a complaint with the World Trade Organization. The ministry also indicated that China will take corresponding countermeasures in response.
According to the Tax Foundation, an international research think tank based in Washington, D.C., these additional tariffs are estimated to have substantial long-term effects on the U.S. economy. The tariffs on China, Canada, and Mexico could reduce the U.S. Gross Domestic Product (GDP) by 0.4%, decrease the capital stock by 0.3%, and result in the loss of approximately 344,000 full-time jobs. Furthermore, American households might face an average tax increase of over $830 by 2025 due to the tariffs.
China’s exports to the U.S. amounted to approximately $524.7 billion in 2024. The new tariffs are expected to heavily impact China’s top exports to the U.S., which include electrical machinery and equipment, textiles and textile articles, as well as base metals and related products.
The international community is closely watching the situation, as these tariffs may not only affect the economies of the involved countries but also have wider implications for global trade and economic stability.
