From CNBC: 2024-11-25 20:39:36

President-elect Donald Trump plans to raise tariffs by an additional 10% on all Chinese goods coming into the U.S. He cited illegal immigration and drug trade as reasons for the tariffs, with a focus on Fentanyl from China and Mexico. Trump is set to be inaugurated on Jan. 20.

Reducing illicit supplies of Fentanyl, a synthetic opioid, has been an area of cooperation between Washington and Beijing. Trump threatened a 10% tariff on China, lower than expected. China’s largest trading partner is the U.S., while the U.S.’s largest trading partners are Mexico, Canada, and China.

Trump aims to impose tariffs to address the drug crisis in the U.S. caused by Fentanyl from China and Mexico. The 10% tariff is lower than expected, with China expected to take measures like cutting rates and increasing fiscal stimulus to counter the economic impact of the tariffs.

Read more: Trump vows an additional 10% tariff on China, 25% tariffs on Canada and Mexico