President Donald Trump said that on Tuesday he will impose 25% tariffs on goods imported from Canada and Mexico, dashing hopes for a last-minute deal that could avoid a trade war with two of the U.S.’ top trading partners.
Trump told reporters there was “no room left for Mexico or for Canada” to negotiate an alternative to the tariffs, which he has threatened to impose for weeks.
“They’re all set. They go into effect tomorrow,” the president said at a White House event Monday.
Stock prices plunged after Trump spoke. The S&P 500 fell 1.76%, its worst day since December, putting the index into the red for the year to date.
Trump, as he has previously, cited the flow of the deadly opioid fentanyl into the U.S. as justification for the tariffs, apparently unsatisfied with recent efforts by Canada and Mexico to strengthen law enforcement at their respective borders.
“Just so you understand, vast amounts of fentanyl have poured into …