Trump says tariffs to go ahead as planned

Despite a deal that's given Canada and Mexico a one month "grace period," the U.S. will go ahead with its tariff impositions starting Tuesday.

That's not all an additional 10% tariff is also on the way for China.

Our Ahn Sung-jin reports.

U.S. President Donald Trump has announced that the imposition of 25% tariffs on Canada and Mexico will go ahead as scheduled on March 4th.

Likewise, Tariffs on China will be doubled, to 20 percent on March 4th.

Trump again cited drug trafficking as a major reason for the import taxes.

"No room left for Mexico or for Canada. No, the tariffs you know they're all set."

Trump on his social media further announced that the U.S. will be levying tariffs on crop purchases as well starting from April 2nd.

Fruit, vegetable and nut imports have been climbing, leading to an agriculture trade deficit in the U.S.

As Trump continues to slap tariffs, the U.S. economy has been startled.

U.S. stocks plunged on Monday with the Nasdaq dropping by around 3 percent and the Dow Jones losing nearly 2 percent.

Pundits say as investment confidence has fallen following the tariff impositions, there are growing concerns for the U.S. market, especially regarding inflation.

"I think the tariff scenario is definitively an inflationary aspect to what can happen within the economy, in the market. Right now, what I'm seeing is and hearing is a little bit of a stagflation concern."

The tariffs are raising concerns that tit-for-tat levies could eventually lead to a global trade war.

Ahn Sung-jin, Arirang News.