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Tariffs for Mexico and Canada to take effect at midnight ET; TSMC, the world’s biggest semiconductor manufacturer, will invest $165bn in the US

Trump says ‘no room left’ for Canada and Mexico to avoid tariffs
Donald Trump shut the door on the possibility of a last-minute reprieve for Canada and Mexico from the tariffs he plans to impose, saying he will allow the duties to go into effect at midnight.

“No room left for Mexico or for Canada,” the president told reporters at the White House. “The tariffs, you know, they’re all set. They go into effect tomorrow.”

Trump has ordered 25% import duties on all products from Canada and Mexico beginning tomorrow, along with an increase in tariffs on Chinese products to 20%. By way of explanation for the duties that will disrupt trading with America’s biggest partners, Trump said, “vast amounts of fentanyl have poured in.”

Brian Bryant, international president of the 600,000-member International Association of Machinists and Aerospace Workers union, and David Chartrand, IAM Canadian general vice president, issued the following statement in response to President Trump’s decision to impose a 25% tariff on all Canadian imports:

The International Association of Machinists and Aerospace Workers (IAM) Union strongly condemns the Trump administration’s reckless decision to impose a 25% tariff on Canadian imports. This harmful action threatens jobs, raises prices, and undermines the long-standing economic partnership between the United States and Canada,” the statement reads.

“The IAM has always supported trade policies that protect and grow jobs in both nations. But these tariffs are an unjustified attack on a trusted ally.”