President Donald Trump's proposed tariffs of 25% on products from Mexico and Canada, and additional 10% on goods from China, could result in higher prices for American consumers, as analyzed by retail experts. The move is met with threats of retaliation from the targeted nations.
Trump escalates threat of trade war by targeting Mexico , Canada and China . Sign up for the latest with DailyMail.com's U.S. politics newsletterAmerican consumers would bear the brunt of Donald Trump 's proposed tariffs, new analysis showed on Tuesday night as the world braced for a new era of U.S. protectionist policies.
Liu Pengyu, a spokesperson for the Chinese embassy in Washington, slammed claims that Beijing is knowingly allowing fentanyl to flow into the United States. Meanwhile Trump's campaign team signed papers with President Joe Biden's White House staff to formally kickstart the transition into his second term.
'In theory, higher tariffs should not be good news for stocks. But, you know, I think the market's chosen to think of as a negotiating tactic,' said Steve Sosnick of Interactive Brokers. But even before the president-elect made his latest threats, his proposed tariffs from the campaign trail would cost U.S. consumers up to $2,400, ING found.Their analysis before Trump's latest threats looked at Trump's sweeping plan to impose new tariffs including 60 percent tariffs on Chinese imports and 10 to 20 percent tariffs on other countries he promised on the campaign trail in an effort to promote and protect American production.
The cost of imposing Trump's 25 percent tariffs on Canada and Mexico would mean an estimated additional $680 per American, Knightley told DailyMail.com. He also said a stronger dollar may help mitigate at least some of the impact but it would still lead to some higher prices.
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