White House: Earlier reports are wrong, tariffs are coming February 1

Joshua Gibson FXStreet

United States (US) Press Secretary Karoline Leavitt dashed investor hopes for a delay in tariffs on Friday, announcing from the White House's press podium that President Donald Trump's wide tariffs of 25% on Canada and Mexico, as well as 10% on China, would be taking effect on February 1. The announcement shattered earlier reports that the Trump administration would be pushing tariff implementation out to March.

Key highlights

Press Sec. Leavitt reiterates February 1st deadline for Canada and Mexico tariff.

Canada and Mexico tariff at 25% and China at 10%.

Tariffs will be up for public consumption on Saturday.

There is no update on exemptions.

Trump reviewing details of tariff plans, which may allow some exemptions but they will be few and far between.

White House: We're not seeing start of trade war with Canada.

Canada and Mexico tariffs are over flow of fentanyl.

Trump has not made up mind on tariff timeline for the EU.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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