President Donald Trump plans to impose 10% tariffs on goods from China, 25% tariffs on goods from Canada and Mexico, arguing that the tariffs will protect American jobs and industries. The move, however, risks higher inflation and potential disruptions to the global economy.
New trade penalties against Canada , Mexico and China that President Donald Trump plans to impose Saturday represent an aggressive early move against America’s three largest trading partners, but at the risk of higher inflation and possible disruptions to the global economy.and a 10% tax on imports from Washington's chief economic rival are a way for the United States to throw around its financial heft to reshape the world.“You see the power of the tariff,” Trump told reporters Friday.
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.Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly
Trump has argued, however, that tariffs will prompt other countries to negotiate better trade deals and motivate them to lower their own tariffs on U.S. imports.“Unfortunately, it’s going to impact a lot of consumers,’’ said Dave Evans, co-founder and CEO of Fictiv, a San Francisco company that helps clients manage their supply chains in plastics and metals. “We saw this in his first term. A tariff isn’t fully absorbed by the companies.
From Mexico, prices for cars, beer and avocados could rise. Tariffs on Canadian goods could also impact automakers and car buyers, along with French fries and winter coats.By raising the price of imports, tariffs can protect home-grown manufacturers. They may also serve to punish foreign countries for committing unfair trade practices, like subsidizing their exporters or dumping products at unfairly low prices.
. In 2019, for example, Trump used the threat of tariffs as leverage to persuade Mexico to crack down on waves of Central American migrants crossing Mexican territory on their way to the United States.“I can do it with a phone call,’’ he said at an August rally in North Carolina.“We’re going to charge you 100% tariffs. And all of a sudden, the president or prime minister or dictator or whoever the hell is running the country says to me, ‘Sir, we won’t go to war.
Worse, the retaliatory taxes imposed by China and other nations on U.S. goods had “negative employment impacts,’’ especially for farmers, the study found. These retaliatory tariffs were only partly offset by billions in government aid that Trump doled out to farmers. The Trump tariffs also damaged companies that relied on targeted imports.
TARIFFS TRADE ECONOMY CHINA CANADA MEXICO
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