Trump: Plans to impose 25% tariffs from February 1

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According to CCTV News, on January 30, local time, US President Trump said that he plans to fulfill his promise to impose a 25% tariff on Mexican and Canadian imports on February 1, and will decide on the evening of January 30 whether to include oil in the tariff-imposed goods.

On January 20, Trump told the media when signing a series of executive orders in the Oval Office of the White House that day that he was considering imposing a 25% tariff on Mexico and Canada, and the taxation action may be implemented from February 1 this year.

The plan to fulfill the promise of a 25% tariff shook the foreign exchange market at the end of the New York trading session, causing the Canadian and Mexican currencies to plummet against the US dollar. On Thursday local time, the Canadian dollar fell 1.2% at one point, and the Mexican peso fell as much as 1.1% to the intraday low.

According to media reports on January 29, the Bank of Canada announced on January 29 that it would cut the benchmark interest rate, the overnight lending rate, by 25 basis points from 3.25% to 3%. This move is in line with market expectations. The Bank of Canada’s January monetary policy report released on the same day emphasized that the new tariff threats from the United States are causing “significant uncertainty.” This is the sixth consecutive interest rate cut by the Bank of Canada since early June last year.