New trade penalties against Canada, Mexico and China that President Donald Trump plans to impose 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.
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FILE - National flags representing the United States, Canada, and Mexico fly in the breeze in New Orleans where leaders of the North American Free Trade Agreement met on April 21, 2008. Trump is honoring promises he made in the 2024 White House campaign that are at the core of his economic and national security philosophy, though Trump allies had played down the threat of higher import taxes as mere negotiating tactics.
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.
Setser noted that the tariffs on China without exemptions could raise the price of iPhones, which would test just how much power corporate America has with Trump. Apple’s CEO Tim Cook attended Trump’s inauguration last month.
Christopher Coons William Mckinley Politics Tim Cook Claudia Sheinbaum Justin Trudeau Donald Trump Business Washington News Brad Setser
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