President Donald Trump said Monday that his tariffs on Canada and Mexico are starting next month, ending a monthlong suspension on the planned import taxes that could potentially hurt economic growth and worsen inflation. “We’re on time with the tariffs, and it seems like that’s moving along very rapidly,” the U.S. president said at a White House news conference with French President Emmanuel Macron. While Trump was answering a specific question about the taxes to be charged on America’s two largest trading partners, the U.S. president also stressed more broadly that his intended “reciprocal” tariffs were on schedule to begin as soon as April. “The tariffs are going forward on time, on schedule,” Trump said. Trump has claimed that other countries charge unfair import taxes that have come at the expense of domestic manufacturing and jobs. His near constant threats of tariffs have already raised concerns among businesses and consumers about an economic slowdown and accelerating inflation. But Trump claims that the import taxes would ultimately generate revenues to reduce the federal budget deficit and new jobs for workers. “Our country will be extremely liquid and rich again,” Trump said. In a interview with Fox News late Monday, Macron said he hoped he had convinced Trump to avoid a possible trade war, noting the difficulty of taking on a traditional ally such as Europe while simultaneously using tariffs to challenge China’s industrial might. “We don’t need a trade war,” Marcon said. “We need more prosperity together.” Most economists say the cost of the taxes could largely be borne by consumers, retailers and manufacturers such as auto companies that source globally and rely on raw materials such as steel and aluminum that Trump is already, separately, tariffing at 25%. Still, Mexican President Claudia Sheinbaum appeared confident Monday that her administration would reach agreements with the U.S. government before the deadline set by Trump. “We would need to be reaching important agreements this Friday,” Sheinbaum told reporters Monday morning before Trump’s remarks. “On all of the issues there is communication and what we need is to complete this agreement, I believe we’re in a place to do it.” If necessary, she said she would seek to speak directly with Trump again. In high-level discussions between both governments, Mexico has insisted that the U.S. also take a hard look at the drug distribution and consumption in its own country rather than pointing only at production in Mexico, Sheinbaum said. Companies like Walmart have warned about uncertainty, while the University of Michigan’s latest consumer sentiment index plunged by roughly 10% over the past month in part due to fears about tariffs and inflation worsening. In the 2024 presidential election, voters backed Trump on the belief that he could cool inflation that had spiked to a four-decade high in the aftermath of the coronavirus pandemic during President Joe Biden’s time in office. But Trump has persistently threatened tariffs and kept up those calls even as Macron, standing beside him, had previously suggested that talks on trade had produced some common ground. “We want to make a sincere commitment towards a fair competition where we have smooth trade and more investments,” Macron said at the news conference, according to a translation of his French remarks. Macron said the idea is to help the U.S. and Europe […]