President Trump signed an order imposing tariffs on imports from Mexico, Canada, and China, citing national security concerns. The tariffs, ranging from 10% to 25%, triggered immediate retaliatory measures from Mexico and Canada. Trump's move aims to pressure these countries into addressing issues like illegal immigration and fentanyl trafficking. However, the tariffs are expected to significantly impact the U.S. economy, potentially leading to higher prices for consumers.
President Donald Trump signed as anticipated Saturday an order to impose stiff tariffs on imports from Mexico , Canada and China .Trump is declaring an economic emergency to put 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 oil.
S&P Global Mobility reckoned that auto "importers are likely to pass most, if not all, of this increase to consumers.’’ TD Economics notes that average U.S. car prices could rise by around $3,000 – this at a time when the average new car already goes for $50,000 and the average used car for $26,000, according to Kelley Blue Book.RELATED: Are we in an energy emergency? What Trump's executive order meansCanada is also by far America’s biggest foreign supplier of crude oil.
Economics Tariffs Trade War Mexico Canada China Trump Administration Economy Fentanyl Illegal Immigration
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