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Donald Trump answering questions at a press conference. The picture is of 6 September 2024.
Due to a statement by the newly elected US President Donald Trump, the currencies of Canada, Mexico and China have declined. According to the New York Times, Mexico's currency peso weakened by 1.18% in a day against the dollar. At the same time, the Canadian currency has weakened by 1% against the Canadian dollar and the US dollar. This is the biggest fall in the Canadian currency since May 2020.
At the same time, China's currency yuan has also declined. However, it is low in comparison to Mexico and. The Chinese currency yuan has weakened by 0.3% against the dollar.
In fact, Trump has announced that as soon as he takes the oath of office, he will impose heavy tariffs on goods coming to America from Canada, Mexico and China. Trump has said that unless these three countries control drugs and illegal immigrants, they will have to face the brunt of heavy tariffs imposed by America.
The highest tariff will be imposed on China Trump said in a social media post on Monday that he would impose 25% tariffs on Canada and Mexico. He said that if both Canada and Mexico want, they can easily control illegal immigrants and drugs (fentanyl) supply, but they are not doing so. Due to this they will have to pay a heavy price.
At the same time, Trump has announced to impose 35% tariff on China. This is 10% more than those installed on Mexico and Canada. Trump said-
China sends large quantities of drugs illegally to America. I had raised this issue with China earlier also. Then the Chinese authorities promised that they would enact the death penalty if drug dealers are caught, but they did not do so.
Trump's tariff war will increase inflation It is noteworthy that America has a free trade agreement with Canada, Mexico and China. Under this, there is no tariff on any kind of import-export between these countries. During his last term, Trump signed the North America Free Trade Agreement (NAFTA) with Mexico and Canada.
If Trump imposes tariffs on these countries after coming to power, it will be a violation of the agreement.
These three countries had purchased goods worth more than 1 trillion dollars (about Rs 85 lakh crore) from America in 2023. At the same time, more than 1.5 trillion dollars were sold. According to the report, Trump's tariff war will have the biggest impact on the auto sector, agriculture, technology and parts. After the imposition of tariff, the price of these things will increase.
China said- no one will win in the trade war Liu Pengyu, spokesperson for the Chinese Embassy in Washington, said that there were talks between US President Joe Biden and Chinese President Xi Jinping last year. In this, steps were taken to deal with drug smuggling. But to say that China is deliberately supplying drugs like fentanyl to America is not correct.
Liu said that China-US trade is beneficial for both countries. It should not be tampered with. No one will win in a trade war.
Canada said- will discuss this issue with Trump The office of Canadian Prime Minister Justin Trudeau has issued a statement saying that Canada is essential for energy supply in America. Last year, 60% of the oil the US used came from Canada. He will discuss these issues with the Trump team.
Mexican officials have not yet responded to Trump's post. However, Trump has already threatened to impose tariffs against Mexico. In the last days of the election campaign, he threatened to impose tariffs of up to 100% on all goods coming from Mexico. Mexican officials then said they were also ready to impose tariffs.
According to the report, Mexico may suffer the most from Trump's tariff war. This country is very dependent on America. It sells about 80% of its goods to America.
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