Trump to Announce Reciprocal Tariffs on Canada, Mexico

President Donald Trump is set to announce new reciprocal tariffs targeting Canada and Mexico during a press conference in the Oval Office. This announcement follows the administration's recent decision to raise tariffs on imported steel and aluminum to 25% and eliminate country-specific exemptions, effective March 12, 2025. The new tariff measures are expected to impact various sectors, including the auto industry, where significant imports from Germany and South Korea may face increased costs. Experts warn that these tariffs could exacerbate inflation for American consumers as they navigate rising prices on imported goods. Additionally, the cancellation of the Section 232 Exemptions Program will deny pending requests for tariff exclusions, further tightening trade restrictions. Overall, these developments underscore a shift in U.S. trade policy aimed at protecting domestic industries amid ongoing economic pressures.