The 25% tax that President Donald Trump plans to slap as soon as Saturday on imports from Canada and Mexico could drive up the price of everything from gasoline to pickup trucks to the guacamole dip that features so prominently at American Super Bowl parties. The tariffs would also invite retaliation.
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Trump’s tariffs threaten to blow up the trade agreement he himself negotiated with America’s neighbors in his first term. His– “the fairest, most balanced, and beneficial trade agreement we have ever signed into law,’’ Trump once declared -- was supposed to bring predictability to North American trade, giving businesses the confidence to make investments.
“You have engines and car seats and other things that cross the border multiple times before going into a finished vehicle,’’ said Cato’s Lincicome. “You have American parts going to Mexico to be put into vehicles that are then shipped back to the United States.In a report Tuesday, S&P Global Mobility reckoned that “importers are likely to pass most, if not all, of this increase to consumers.’’ TD Economics notes that average U.S.
“Grocery stores operate on really tiny margins,’’ Lincicome said. “They can’t eat the tariffs ... especially when you talk about things like avocados that basically all of them – 90% -- come from Mexico. You’re talking abut guacamole tariffs right before the Super Bowl.’’
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