Trump announced when he will impose a 25% tariff on Canada and Mexico.

Trump imposes tariffs on imports from Canada and Mexico due to fentanyl influx

U.S. President Donald Trump is carrying out his threat and imposing a 25% tariff on imports from Canada and Mexico to combat the influx of fentanyl, reports RBC-Ukraine. According to him, the main reasons for this decision are the drug crisis and trade deficit.

'We will announce the imposition of tariffs on Canada and Mexico for a number of reasons. Number one - it is the people who are entering our country so terribly and massively. Number two - it is fentanyl drugs and everything else that has come into our country. Number three - it is the huge subsidies we provide to Canada and Mexico in the form of a deficit,' he explained.

Trump also stated that the tariff level may increase over time or remain at the current level. He also mentioned that a decision regarding the application of tariffs on Canadian oil will be made this evening.

'We don't need the products they have. We have all the oil you need. We have all the trees you need,' Trump said.

Following these comments, futures on West Texas Intermediate oil rose above $73 per barrel, the U.S. dollar also rose to a daily high, while the Canadian dollar fell.