Breaking down Trump’s first day back in office
President Trump is keeping his powder dry, at least for now, in deploying tariffs to advance his administration’s push to redefine trade relations with other major economies around the world.
Mr. Trump, who as president-elect said he could move to apply sweeping levies on foreign imports on his first day in office, stopped short of imposing so-called universal tariffs or directly targeting China, which he had threatened to hit with 60% duties.
Instead, Mr. Trump said Monday that his administration is considering 25% tariffs on Canada and Mexico as soon as Feb. 1 unless they take stronger measures to stop the flow of unauthorized migrants and and illicit drugs flowing into the U.S.
“We’re thinking in terms of 25% on Mexico and Canada, because they’re allowing vast numbers of people — Canada’s a very bad abuser …