President Donald Trump signed an executive order Monday to raise tariffs on imports from China by an additional 10%, while reaffirming tariffs on goods from Canada and Mexico will go into effect Tuesday.
Trump’s order said Chinese imports will now face 20% tariffs “over their failure to address the fentanyl pouring into our country,” according to a post on X.
Authorities in China are formulating countermeasures in response to the U.S. tariffs, according to The Global Times, a newspaper of China’s ruling Communist Party.
“The countermeasures will likely include both tariffs and a series of non-tariff measures, and U.S. agricultural and food products will most likely be listed, according to the source, who spoke on the condition of anonymity,” The Global Times reported on Monday.
Trump also said Monday he plans to press ahead with 25% tariffs on imports from Canada and Mexico.
“Tomorrow tariffs … 25% on Canada and 25% on Mexico, that will start … so their going to have the tariffs,” Trump said during a news conference at the White House. “So what they have to do, build their car plants and other things, frankly, in the United States, in which case they have no tariffs. [There’s] no room left for Mexico or for Canada. The tariffs are all set, they go into effect tomorrow.”
After Trump made the announcement, the U.S. stock market tumbled, with the Dow Jones Industrial Average falling 1.5%, the S&P 500 dropping 1.8% and the Nasdaq composite tumbling 2.6%.
Related: Canada, Mexico tariffs a ‘fluid situation,’ Commerce head says
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