Trump to Impose Tariffs on Canada, Mexico, and China Starting March 4

President Donald Trump announced plans to impose tariffs on Canada and Mexico starting March 4, along with doubling the existing 10% tariff on Chinese imports. The tariffs, announced via Truth Social, are purportedly aimed at curbing the flow of illicit drugs like fentanyl into the U.S. Trump intends to levy tariffs of 25% on imports from Mexico and Canada, including a 10% tariff on Canadian energy products. Mexico's President Claudia Sheinbaum expressed hope for a deal to avert the tariffs, while Canada's Prime Minister Justin Trudeau highlighted his country's border security investments and threatened retaliatory measures on $30 billion in U.S. goods. China's Commerce Minister Wang Wentao called for resolving trade differences through dialogue. Analysts estimate the tariffs could cost U.S. consumers between $120 billion and $225 billion annually from Mexico and Canada, with an additional $25 billion from China. The Conference Board reported a significant drop in consumer confidence, citing increased mentions of trade and tariffs.