President Trump has announced 25% tariffs on imports from Canada and Mexico, excluding oil which will face a 10% tariff, along with a 10% tariff on imports from China. This move, aimed at combating fentanyl trafficking and illegal immigration, has sparked immediate backlash from Canada and Mexico, who vow to retaliate with tariffs of their own. The tariffs risk an economic standoff and could lead to increased inflation, potentially harming American consumers and businesses.
Trump has imposed 25% tariffs on imports from Canada and Mexico, excluding oil, which will have a 10% tariff, along with a 10% tariff on imports from China.— fulfilling one of his post-campaign commitments to voters that threatened to spark higher inflation and disrupt businesses across North America as the countries vowed harsh measures in response.
Trump declared an economic emergency in order to place duties of 10% on all imports from China and 25% on imports from Mexico and Canada. But energy imported from Canada, including oil, natural gas and electricity, would be taxed at a 10% rate. Canadian Prime Minister Justin Trudeau on Saturday said that Canada is ready to address the tariffs the U.S. government announced. On aThe United States has confirmed that it intends to impose 25% tariffs on most Canadian goods, with 10% tariffs on energy, starting February 4.
The Trump administration put the tariffs in place to force the three countries to stop the spread and manufacturing of fentanyl, in addition to pressuring Canada and Mexico to limit any illegal immigration into the United States. “It doesn’t make much economic sense,’’ said William Reinsch, senior adviser at the Center for Strategic and International Studies and a former U.S. trade official. “Historically, most of our tariffs on raw materials have been low because we want to get cheaper materials so our manufacturers will be competitive ... Now, what’s he talking about? He’s talking about tariffs on raw materials. I don’t get the economics of it.
It is unclear how the tariffs could affect the business investments that Trump said would happen because of his plans to cut corporate tax rates and remove regulations. Tariffs tend to raise prices for consumers and businesses by making it more expensive to bring in foreign goods.
Economics International Relations TRUMP TARIFFS CANADA MEXICO CHINA TRADE WAR INFLATION FENTANYL IMMIGRATION
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