President Donald Trump has signed an order to impose tariffs on imports from Mexico, Canada, and China. The tariffs are aimed at forcing these countries to do more to stop the flow of fentanyl into the U.S. and also align with Trump's protectionist economic agenda.
ByThe Trump administration this week reiterated plans to slap 25% tariffs on all products from Canada and Mexico on Feb. 1.President Donald Trump on Saturday signed an order to impose stiff tariffs on imports from Mexico, Canada and China, fulfilling a campaign promise but raising the prospect of increase prices for American consumers.
"You see the power of the tariff," Trump told reporters Friday. "Nobody can compete with us because we have by far the biggest piggy bank." The president is preparing more import taxes in a sign that tariffs will be an ongoing part of his second term. On Friday, he mentioned imported computer chips, steel, oil and natural gas, as well as against copper, pharmaceutical drugs and imports from the European Union - moves that could essentially pit the U.S. against much of the global economy.
Trump has said that the government should raise more of its revenues from tariffs, as it did before the income tax became part of the Constitution in 1913. He claims, despite economic evidence to the contrary, that the U.S. was at its wealthiest in the 1890s under President William McKinley.Trump, who has aspired to remake America by using McKinley's model, is conducting a real-time experiment that the economists who warn tariffs lead to higher prices are wrong.
ECONOMY TRUMP TARIFFS TRADE CHINA
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