On Feb. 4, the United States will impose tariffs on imported goods from Canada and Mexico.
President Donald Trump has claimed tariffs on both countries could reach 25%, though the final rate depends on negotiations. There is also a planned 10% increase on China’s existing tariff, bringing it to 20% overall, BBC news reported.
According to the Trump administration, the tariffs are a response to calls for a crackdown on illegal drugs entering the country. Substances like fentanyl have become a growing issue in recent years, with the Centers for Disease Control and Prevention reporting nearly 90,000 drug overdose deaths last year in the United States. While the number of deaths has declined since 2023, it remains unclear how the tariffs might affect drug trafficking in the near future.
Most of the concerns about the tariffs focus on their potential impact on prices and inflation. Canada and Mexico have stated they plan to impose retaliatory tariffs in response on Tuesday, leaving consumers on all sides worried. Economic experts told CBS News that the tariffs could lead to a recession if taken too far. However, negotiations are ongoing, and final decisions have yet to be made.
