Canada, Mexico, and China Disappointed by Trump's Announcements: 'No One Will Win in a New Trade War'

(Patria) - US President-elect Donald Trump has announced the imposition of high tariffs on the three largest trading partners - Canada, Mexico, and China - in order to force them to curb illegal immigration and drug smuggling into the US.

The targeted countries say that no one will profit from potential new trade wars.

What he had been promising throughout the entire election campaign, the US President-elect has now confirmed.

On the very first day of taking office, he plans to impose new tariffs. While during his first term he introduced them to reduce the US deficit and protect jobs, he now cites other motives.

- The tariffs will remain in effect until the invasion of drugs, especially fentanyl, and all illegal migrants into our country stops.

Both Mexico and Canada have the absolute right and power to easily solve this problem. With this, we demand that they use that power, and until they do, it is time for them to pay a very high price, Trump wrote on social media.

- For a long time, the US has been calling out Mexico over the influx of illegal migrants and drug smuggling. Tariffs will not solve these problems.

One tariff would be followed by another in response, and so on until we jeopardize our common businesses. Yes, common ones - said Mexican President Claudia Sheinbaum Pardo.

Tariffs are a type of tax on goods produced abroad. But also a means of diplomatic pressure. It is paid by the domestic company that imports the goods, not the foreign country that exports them.

The theory behind imposing tariffs is that it makes goods from other countries more expensive, while simultaneously strengthening domestic production.

A trade war occurs precisely when countries start imposing tariffs on each other. The US and China already fought one during Trump's first term.

- I cannot provide information on that at the moment. But, in principle, we are open to dialogue and communication - said Chinese Foreign Ministry spokesperson Mao Ning.

In 2023, the value of goods and services imported from Mexico, Canada, and China into the US amounted to nearly one and a half billion dollars.

Each of these three countries tells Trump that no one will win in a possible trade war. EU partners also claim the same.

- The European Union must respond to this in a unified manner, not split into two or three blocs of states. It should respond as a united Europe.

Ultimately, we must say that everyone loses - the United States, the US economic area, and Europe - believes German Economy Minister Robert Habeck.

Trump has also threatened Europe with the imposition of tariffs. However, for now at least, it has been spared specific announcements.