US President Donald Trump has suggested that tariffs on Mexico and Canada could rise further in the future. Speaking in an interview with Fox News, Trump addressed concerns from business leaders seeking stability in trade policies.

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'Tariffs could go up as time goes by'

"I think [the business community could see clarity on tariffs]," he said, adding, "But the tariffs could go up as time goes by, and they may go up…"

During his interview, Trump said that the US has been taken advantage of by other countries.

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"For years, globalists have been ripping off the United States. They've been taking money away from the United States, and all we're doing is getting some of it back, and we're going to treat our country fairly," he said.

"This country has been ripped off by every nation in the world, every company in the world. We've been ripped off at levels never seen before, and what we're going to do is get it back," he added.

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Trump has previously imposed tariffs on Mexico and Canada, as well as on China, arguing that these measures are necessary due to border security concerns. He claims that fentanyl is being smuggled into the US through imports from these countries.

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While many Canadian and Mexican goods covered under the US-Mexico-Canada Agreement (USMCA) were initially exempt from his 25% tariffs, Trump confirmed that these exemptions will end next month.

Explaining his leniency, Trump said, "We're a big, big country, and they do a lot of their business with us, whereas in our case it's much less significant. We do very little with Canada by comparison, and I wanted to help the American carmakers until April 2nd."

On Friday, Trump took to Truth Social and accused Canada of cheating the US, saying, "Canada is cheating the United States Farmers on USMCA."

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"In 2024, Canada retained Tariffs on various US Goods, particularly in protected sectors like Dairy that are operated under a supply management system," he said.

He then proceeded to give examples of the unfair Canada tariffs on US and said, "Some examples of Canadian Tariffs on U.S. Dairy outside of the limited quota include: Milk: Up to 243%, Butter: Up to 298%, Cheese: Up to 245%"

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(With inputs from agencies)