US president Donald Trump said he is willing to remove the 25% tariffs on Mexico and Canada but only after his conditions are accepted by the countries, reported Reuters.

The tariffs had been implemented as part of efforts by the president to curb illegal immigration as well as fentanyl flow to the United States, which led to a trade war.

According to Kevin Hassett, the chairman of the White House's National Economic Council, Mexico is taking the situation seriously and the country is committed to solving Trump's issues. However, Hassett also mentioned that Canada has misinterpreted the order and believes it's the beginning of a trade war when, in fact, it's more about dealing with illegal immigration and drugs, reported CNBC.

What needs to change for the tariffs to be rescinded?

Trump said the first condition is that Mexico and Canada need to balance trade better with the United States. The second is for both countries to stop people from crossing into the US to control illegal immigration. Thirdly, the flow of fentanyl needs to be addressed, and the president pointed out China as part of the problem, reported Reuters.

While the tariffs may hurt Americans in the short term, Trump claimed: "long term, the United States has been ripped off by virtually every country in the world."

Trump also indicated that the European Union might be next, but it is not clear when, reported Reuters.

FAQs

Why did President Trump impose tariffs on Mexico and Canada?
Trump imposed the tariffs to pressure Mexico and Canada to address illegal immigration and the flow of fentanyl into the US as part of his broader efforts to protect the country.

What does Trump want from Mexico and Canada to lift the tariffs?
Trump demands three things: fairer trade, stricter border control to curb illegal immigration, and action to stop the flow of fentanyl, including cooperation with China.