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US Maintains Tariffs on Mexico, Canada, and China Over Fentanyl Concerns
Tariffs Linked to Fentanyl Crisis
The US will continue imposing tariffs on Mexico, Canada, and China due to concerns over their handling of fentanyl, according to U.S. Commerce Secretary Howard Lutnick. He stated that the tariffs would remain in place until the fentanyl crisis is resolved.
Steel and Aluminum Tariffs to Take Effect
A 25% tariff on steel and aluminum imports is set to take effect on Wednesday. Canada and Mexico, two of the largest suppliers of these metals to the U.S., will be affected. Canada, in particular, is a major exporter of aluminum.
No Recession Expected
Lutnick dismissed fears that the tariffs would lead to a U.S. recession, stating that there was no risk of economic downturn.
Impact on Consumer Prices
The commerce secretary acknowledged that foreign-made products could become more expensive but suggested that American-made goods would become more affordable, balancing out the impact.