Constellation Research founder R ‘Ray’ Wang discusses Taiwan Semiconductor Manufacturing Company announcing a $100 billion investment in the U.S. and explains why he is not buying the dip in the markets.
Mexican President Claudia Sheinbaum said “nobody wins” with the Trump administration’s new 25% tariffs on goods from her country, adding Tuesday that she plans to unveil retaliatory tariffs against the U.S. this weekend.
“There is no reason, rationale or justification to support this decision that will affect our people and nations.… Nobody wins with this decision,” Sheinbaum said at a press conference, according to Reuters.
The U.S. began imposing a 25% tariff on goods from Canada and Mexico on Tuesday, and an additional 10% levy on Chinese imports, as President Donald Trump looks to curtail drug trafficking and illegal immigration.
“In these 30 days, decisive actions were taken against organized crime and fentanyl trafficking, as well as bilateral meetings on security and trade,” Sheinbaum reportedly said.
TRUMP TARIFFS TAKE EFFECT: WHAT TO KNOW
President Claudia Sheinbaum holds a press conference to announce a response to U.S. tariffs at the National Palace in Mexico City on March 4. (Raquel Cunha / Reuters)
“We collaborate to avoid illegal drug trafficking to the United States, but as we have said on multiple occasions, that country’s government must take responsibility too for the crisis of opioid consumption that has caused so many deaths in the United States,” she added, according to the Associated Press.
“It’s inconceivable that they don’t think about the damage this is going to cause to United States citizens and businesses with the increase in prices for things produced in our country,” Sheinbaum also was quoted by the AP as saying. “Also the damage it will cause by stopping job creation in both countries.”
TRUDEAU SAYS CANADA WILL ISSUE 25% TARIFFS ON AMERICAN GOODS IN RETALIATORY FASHION
President Donald Trump speaks with members of the media before boarding Marine One at the White House on Feb. 28. On Tuesday, the Trump administration imposed tariffs on Canada and Mexico. (Nathan Howard / Reuters)
Earlier this year, the administration delayed these tariffs to allow Canada and Mexico time to negotiate trade deals aimed at addressing U.S. border security and halting the flow of drugs like fentanyl.
Then last week, Trump reaffirmed his decision to impose the levies, stating in a post on Truth Social that “drugs are still pouring into our Country from Mexico and Canada at very high and unacceptable levels.”
Canadian Prime Minister Justin Trudeau said his country will issue 25% tariffs on American goods in response to the Trump administration’s tariffs against his country. ( / Getty Images)
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Sheinbaum said Tuesday that she will unveil Mexico’s response to the tariffs, including retaliatory tariffs, during an event this Sunday in Mexico City, Reuters reported.
FOX Business’ Daniella Genovese contributed to this report.
