Podcast host Josh Holmes weighs in after President Donald Trump took to social media to explain his plan to implement tariffs and discusses Elon Musk’s remarks during the first Cabinet meeting.
President Donald Trump said on Monday that tariffs will go on “external” agricultural products in early April.
“To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold inside of the United States. Tariffs will go on external product on April 2nd. Have fun!” Trump posted Monday on Truth Social.
The announcement comes as tariffs against major U.S. trading partners are set to take effect at midnight. Trump delayed imposing 25% tariffs on Canadian and Mexican following last-minute concessions from both countries. Officials from the North American countries have carried out negotiations with the Trump administration in recent weeks, but no agreement to reduce the incoming tariffs has been announced.
WHAT ARE TARIFFS, HOW DO THEY WORK AND WHO PAYS FOR THEM?
Chinese imports would also be hit with another 10% tariff at midnight on Tuesday. The president previously already imposed a 10% levy on Chinese imports earlier this year.
The White House previously said the tariffs were being imposed to hold the countries “accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country.”
Farmers tend the crops at Thera Farms in Brentwood, New York. (Alejandra Villa Loarca/Newsday RM via / Getty Images)
Last week, Trump posted on Truth Social that illegal drugs are still coming into the U.S. at “high and unacceptable levels.”
WHAT’S HAPPENING WITH TRUMP’S TARIFFS ON CHINA, CANADA AND MEXICO?
“We cannot allow this scourge to continue to harm the USA, and therefore, until it stops, or is seriously limited, the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled,” he wrote adding, “China will likewise be charged an additional 10% Tariff on that date.”
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FOX Business’ Anders Hagstrom contributed to this report
