The American president Donald Trump announced the imposition of tariffs on imports from Canada, Mexico, and China, raising concerns about disruptions in supply chains and increasing inflation rates. These tariffs include a 25% levy on imports from Canada and Mexico, and 10% on imports from China. This decision is attributed to accusations that these countries are not preventing illegal immigration and drug trafficking, particularly fentanyl, into the United States. Additionally, Trump pointed to the significant trade deficit with these countries as another reason for imposing these tariffs.

These tariffs are expected to lead to increased import costs, which could weaken consumer spending and business investment. According to Gregory Daco, chief economist at EY, inflation may rise by 0.7 percentage points in the first quarter of this year as a result of these tariffs, before gradually declining. He also noted that uncertainty regarding trade policy could increase volatility in financial markets and put pressure on the private sector, despite the administration's pro-business rhetoric.

In response, Canada and Mexico expressed their readiness to retaliate against these tariffs. Canadian Prime Minister Justin Trudeau confirmed that Ottawa is prepared for a “effective, strong, but reasonable and immediate response,” while Mexican president Claudia Sheinbaum assured that her government has multiple plans to address this decision.

Additionally, Trump threatened to impose tariffs on European Union products, accusing the bloc of unfair trade practices. He pointed to the significant trade deficit between the United States and the EU, and pledged to take strong action against the bloc.

These steps could lead to an escalation of global trade disputes, raising concerns about negative impacts on the global economy and increased inflation rates.