‘US been ripped off by every country’: Trump says tariffs on Mexico, Canada, China may cause short term pain to Americans

US President Donald Trump has imposed significant tariffs on imports from Mexico, Canada, and China, a move he acknowledges may cause "short term" pain for Americans. These measures, which are set to include tariffs of 25 per cent on Canada and Mexico and 10 per cent  on China, come amid concerns that they could hinder global economic growth and increase costs for consumers. 

Trump, who plans to discuss the tariffs with Canadian and Mexican leaders, remarked, "I don't expect anything dramatic," suggesting he is unlikely to reverse his decision. He insists these countries "owe us a lot of money, and I'm sure they're going to pay." Trump has also indicated that tariffs will "definitely happen" with the European Union, although no timeline has been provided. Critics argue these tariffs could slow global growth and elevate prices for US consumers. 

"We may have short term some little pain, and people understand that. But long term, the United States has been ripped off by virtually every country in the world," he said.

Financial markets have shown a negative reaction to the tariffs, with US stock futures declining and oil prices rising. Analysts warn that these tariffs could result in a recession in Canada and Mexico, as well as "stagflation" – a combination of stagnant growth and inflation – in the US. ING analysts noted, "Economically speaking, escalating trade tensions are a lose-lose situation for all countries involved."

In response, Canada and Mexico have announced retaliatory tariffs, with Canadian Prime Minister Justin Trudeau urging a boycott of US goods. Canada plans to challenge the tariffs through international legal bodies. Mexico's President Claudia Sheinbaum criticised the US stance on fentanyl, stating, "Fentanyl is America's problem," and argued tariffs will not solve the issue. 

Trump's tariffs aim to address what he describes as a national emergency over fentanyl and illegal immigration. However, the announcement has drawn criticism from Democratic lawmakers, who view it as an overreach of executive power. Senate Democratic Leader Chuck Schumer emphasised, "No matter which way you slice it: costs are going to climb for consumers," and vowed efforts to "undo this mess”.