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 - America’s largest trading partners - except for a 10% rate on Canadian energy, including oil, natural gas and electricity.
President Donald Trump on Saturday signed an order to impose stiff tariffs on imports from Mexico, Canada and China - fulfilling one of his post-campaign commitments to voters that also carries the risk of sparking higher inflation and disrupting businesses across North America.
The White House said Trump’s order also includes a mechanism to escalate the rates if the countries retaliate against the U.S., as they have threatened. Both Canada and Mexico have plans, if needed, to impose their own tariffs in response. The Republican president is making a major political bet that his actions will not worsen inflation, cause financial aftershocks that could destabilize the worldwide economy or provoke a voter backlash. AP VoteCast, an extensive survey of the electorate in last year's election, found that the U.S. was split on support for tariffs.
Many voters turned to Trump in the November election on the belief that he could better handle the inflation that spiked under Democratic President Joe Biden. But inflation expectations are creeping upward in the University of Michigan's index of consumer sentiment as respondents expect prices to rise by 3.3%. That would be higher than the actual 2.9% annual inflation rate in December's consumer price index.
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