Trump pushes tariff deadline on Mexico, Canada

US President Donald Trump has decided to extend the deadline for imposing 25% tariffs on Mexican and Canadian goods, a move he previously tied to illegal border crossings and the flow of fentanyl into the United States.

Speaking ahead of his Cabinet meeting on Wednesday, Trump acknowledged the recent decline in illegal border crossings but reiterated his commitment to levy tariffs, claiming the fentanyl crisis remains a critical issue. "We’ve lost millions of people due to fentanyl," Trump stated, pointing to its origin in China but its transport through Mexico and Canada.

This extension comes as a 30-day suspension of the tariffs for both nations is set to expire on March 4.

Trump emphasized that while border crossing numbers had dropped, the fight against fentanyl trafficking must continue. "I'm not stopping the tariffs," he remarked, despite a significant reduction in border crossings.

His comments led to a rise in the value of both the Canadian dollar and the Mexican peso against the US dollar. Canadian officials, including Innovation Minister Francois-Philippe Champagne, expressed readiness to respond but emphasized the need for official executive orders before taking action. Meanwhile, Mexico's Economy Ministry remained tight-lipped, with plans for upcoming meetings with US trade representatives.

Additionally, Trump indicated his intention to impose reciprocal tariffs on the European Union, particularly targeting car imports, citing unfair trade practices. The EU has warned it will react firmly against any unjustified barriers.