Trump Tariff Talks LIVE Updates: Trump to Hold Tariff Talks with Canada and Mexico Amid Rising Trade Tensions

Welcome to our live blog, where we’ll keep you informed with the latest updates and analysis on President Trump’s decision to impose tariffs on goods coming from Canada, Mexico, and China. Stay with us for real-time coverage of this developing story.

President Trump has confirmed that he will “definitely” impose tariffs on the European Union, though he refrained from offering specific details or a timeline, stating the measures would take effect “very soon.” While he acknowledged that these economic changes might not lead to an immediate drop in grocery prices, he emphasized the long-term benefits, noting that some short-term discomfort could be expected.

In the aftermath of the announcement, China’s yuan hit an all-time low in offshore trading, and both Mexico’s peso and Canada’s dollar dropped to multi-year lows, reflecting the economic uncertainty sparked by the new tariffs.

Unions in Mexico, particularly those representing the auto parts and agricultural industries, are calling for discussions, with the National Auto Parts Industry (INA) warning that the tariffs could put millions of jobs at risk and lead to a $3,000 increase in car prices.

Meanwhile, in Canada, Premier David Eby of British Columbia declared a halt on purchasing American liquor from states that support Trump’s policies. Chrystia Freeland, a prominent Canadian politician, has even suggested imposing 100% tariffs on Tesla, the electric car manufacturer closely associated with Trump supporter Elon Musk.

Amid the growing uncertainty triggered by President Trump’s new tariffs on imports from Canada, Mexico, and China, Taiwan’s Economic Ministry has pledged to support companies planning to relocate their operations to the United States. The ministry’s initiative aims to help these companies by offering guidance on identifying potential partners, selecting suitable US states for investment, and navigating local laws.

Taiwan’s tech industry, particularly its semiconductor and electronic components sector, faces risks due to the large number of Taiwanese companies with factories in Mexico and China. In addition, Trump’s threats to impose tariffs on imported chips have added further pressure on the industry.

To mitigate these challenges, Taiwan’s Industrial Technology Research Institute plans to enhance cooperation between Taiwanese and US companies in research, development, and manufacturing, offering further opportunities for growth.

This announcement comes as Taiwanese tech stocks took a hit, with Foxconn falling by 8.1%, Quanta dropping 9.8%, and Inventec losing 6.7%. Consequently, Taiwan’s benchmark index ended the day down by 3.5%.

The threat of a trade war is causing concern across Asia, especially for countries that rely heavily on exports to the US.

China is the most directly impacted, as it faces a 10% tariff on its goods. However, with its markets closed for the Lunar New Year, the full effects remain unclear.

In South Korea, businesses aren’t directly hit by the tariffs, but many have factories in Mexico, which could be affected.

Meanwhile, both Japan and South Korea worry that despite their strong ties with the US, they could still face tariffs. The uncertainty has left both nations on edge.

India has assured that it will not raise trade barriers, even as President Trump imposes new tariffs on Canada, Mexico, and China, Finance Secretary Tuhin Kanta Pandey said.

Although India is not affected by these tariffs, Trump previously called the country a "tariff abuser" during his election campaign.

"We don’t want to give the impression that we support protectionism," Pandey told Reuters, emphasizing India’s commitment to free trade.

President Trump has invoked the 1977 International Emergency Economic Powers Act (IEEPA) to justify his latest tariffs on Canada, China, and Mexico, citing efforts to curb fentanyl and undocumented migration.

Signed into law by President Jimmy Carter, the IEEPA allows the president to regulate economic transactions during a declared national emergency. It provides broad authority to take action against foreign threats that impact the U.S. economy or security.

Past presidents have used this law, including Joe Biden, who imposed sanctions on Russia over the Ukraine war.

For Trump, the IEEPA offered the fastest way to impose tariffs in his second term. Other trade laws, which he previously used for tariffs on steel, aluminum, and Chinese goods, would have required lengthy investigations and public reviews.