As early as Saturday, February 1, 2025, The Fascist Felon will impose 25 percent tariffs on Mexico and Canada; he considered whether to include oil from those countries as part of his import taxes. He claimed the price of oil the countries charge the USA played a role in his decision but the main issue is fentanyl and immigration.
In a recent update, The Fascist Felon changed his mind and left oil sales out of the mix. Someone must have helped him figure out that he ran on lowering prices and placing tariffs on oil would increase their prices.
As per Captain Chaos’ norm, he just threw another industry into a tailspin:
- As President Donald Trump’s threat to impose 25% tariffs on Canada and Mexico as soon as Saturday looms, the global automotive industry is collectively holding its breath.
- Regardless of whether Trump implements the duties, automakers such as General Motors — the country’s top-selling automaker — want clarity so they can act accordingly.
- On a percentage of sales basis, German automaker Volkswagen is the most exposed to tariff risk, followed by Nissan Motor and Stellantis, S&P Mobility reports.
Two sources familiar with the matter said that Trump was expected to invoke the International Emergency Economic Powers Act (IEEPA) as the legal basis for the tariffs, declaring a national emergency over fentanyl overdoses that killed nearly 75,000 Americans in 2023 and illegal immigration.
The statute enacted in 1977 and modified after the 9/11 attacks in 2001 gives the president broad powers to impose economic sanctions in a crisis.
