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As a result of US tariffs, the Canadian dollar, Mexican peso, and Chinese yuan all hit all-time lows
Trade War: White House Press Secretary Caroline Levitt had said, 'These tariffs will come into effect from February 01. These promises were made by the President and now they are being fulfilled.'
The impact of US tariffs has been seen in the currencies of China, Mexico, and Canada. The currencies of all three countries saw a record decline. According to the report, China's Yuan reached a record low in offshore trading on Monday. After US President Donald Trump decided to impose tariffs, Mexico's Peso and Canadian Dollar saw a record decline compared to many years. Both currencies have come to a lower level than in many years. This has raised the possibility of an increasing trade war.
Earlier, the White House had said on Friday (31 January) that a 25 percent tariff on imports from Canada and Mexico will come into effect from Saturday i.e. February 01. Along with this, a 10 percent tariff will be imposed on goods imported from China. However, the White House did not give any information about whether there would be any exemptions in these measures, as these tariffs can result in goods becoming very expensive for American consumers. President Donald Trump recently announced these tariffs.
Republican leader Trump is claiming to impose tariffs in view of ensuring more cooperation from countries to stop illegal immigration and smuggling of chemicals used for 'fentanyl'. However, he has also said that its purpose is to promote domestic manufacturing.
