Trump's tariffs could disrupt U.S. trade by $2.1 trillion.

This was reported by Reuters.

According to Reuters, it is expected that U.S. President Donald Trump will sign an order on Saturday, February 1, to impose new high tariffs of 25% on goods from Mexico and Canada and 10% on imports from China.

<However, Trump mentioned a potential exemption for oil from Canada, stating that the tariff rate would be 10% compared to the 25% planned for other Canadian imports.

These measures were believed to be aimed at pushing Canada, Mexico, and China to take decisive actions to curb the flow of fentanyl and precursor chemicals into the U.S., as well as to address illegal immigration crossing the southern and northern borders of the U.S.

However, during a press briefing at the White House, Trump dismissed the idea that his tariff threats were merely a bargaining tool.

"No, that's not the case... we have a large (trade) deficit, as you know, with all three," the U.S. president said.

The new U.S. restrictions could potentially disrupt an annual trade volume of over $2.1 trillion.

Trump acknowledged that high tariffs could lead to increased costs for consumers and that his actions might cause short-term disruptions, but stated that he is not concerned about their impact on financial markets.

The president of the National Foreign Trade Council, which represents the interests of major American companies, Jake Colvin, stated that stronger tariffs against key U.S. trading partners "could affect the cost and availability of everything from avocados to air conditioners and cars - and risks shifting the focus of our relationships away from constructive dialogue."

Recall:

U.S. President Donald Trump announced his intentions to impose tariffs on products from EU countries..