US tariffs on Canada, Mexico take effect

President Donald Trumprsquos longthreatened tariffs against Canada and Mexico went into effect Tuesday putting global markets on edge and setting up costly retaliations by the United Statesrsquo North American allies Starting just past midnight imports from Canada and Mexico are now to be taxed at 25 per cent with Canadian energy products subject to 10 per cent import dutiesThe 10 per cent tariff that Trump placed on Chinese imports in February was doubled to 20 per cent and Beijing retaliated Tuesday with tariffs of up to 15 per cent on a wide array of US farm exports It also expanded the number of US companies subject to export controls and other restrictions by about two dozenCanadian Prime Minister Justin Trudeau said his country would slap tariffs of more than 100 billion on American goods over the course of 21 daysMexico didnrsquot immediately detail any retaliatory measures The US presidentrsquos moves raised fears of higher inflation and the prospect of a devastating trade war even as he promised the American public that taxes on imports are the easiest path to national prosperityItrsquos a very powerful weapon that politicians havenrsquot used because they were either dishonest stupid or paid off in some other formrdquo Trump said Monday at the White House ldquoAnd now wersquore using them Canada and Mexico tariffs were supposed to begin in February but Trump agreed to a 30day suspension to negotiate further with the two largest US trading partnersTariffs on China Mexico Canada to help India ExpertsImposition of high tariffs on China Mexico and Canada by the US is expected to help Indian exporters in increasing their shipments to the American market experts say They added that sectors which can be benefited include agriculture engineering machine tools garments textiles chemicals and leatherIndia was the fourthlargest gainer when the US imposed higher duties on Chinese goods during US President Donald Trumprsquos first tenure ldquoThis can help Indian exporters in sectors such as agriculture engineering machine tools garments textiles chemicals and leatherrdquo Presidentdesignate of Federation of Indian Export Organisations FIEO S C Ralhan said ldquoIndian exporters would have to tap into these opportunitiesrdquo he saidChina retaliates against Trumprsquos tariffsChina on Tuesday retaliated against US President Donald Trumprsquos imposition of second round of 10 per cent tariffs on its export by slapping an additional 15 per cent tariffs on American goods and initiated legal action against Washington in WTO while leaving the door open for talks to address each otherrsquos concernsChina will impose additional tariffs on some products imported from the United States effective from March 10 the Chinarsquos Customs Tariff Commission saidAn additional 15 per cent tariff will be imposed on imported chicken wheat corn and cotton originating from the US Sorghum soybeans pork beef aquatic products fruits vegetables and dairy products will be subject to an additional 10per cent tariffAdditionally China decided to add 10 US firms to the countryrsquos unreliable entity list They include companies linked to defence and security aviation IT and dualuse items that carry both civilian and military applicationsThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever