Many voters backed the Republican on the promise that he could tamp down inflation, but the possibility of tariffs could trigger higher prices and potentially...
A study this month by Warwick McKibbin and Marcus Noland of the Peterson Institute for International Economics concluded that the 25% tariffs on Canada and Mexico and 10% tariffs on China “would damage all the economies involved, including the U.S.‘’Avocados from Mexico are displayed for sale at a Target store in White Plains, N.Y., on Friday, Jan. 31, 2025.
“I’m probably going to reduce the tariff a little bit on that,” Trump said of oil. “We think we’re going to bring it down to 10%.”The United States imported almost 4.6 million barrels of oil daily from Canada in October and 563,000 barrels from Mexico, according to the Energy Information Administration. U.S. daily production during that month averaged nearly 13.5 million barrels a day.
“We should expect all three countries to retaliate,‘’ said Wendy Cutler, a former U.S. trade negotiator. China responded aggressively to tariffs Trump imposed on Chinese goods during his first term, targeting the president’s supporters in rural America with retaliatory taxes on U.S. farm exports. Canadian Prime Minister Justin Trudeau said Friday that Canada is ready to respond if Trump goes ahead with the tariffs, but he did not give details.
Liu Pengyu, spokesman for the Chinese embassy in Washington, said the two countries should resolve their differences through dialogue and consultation. “There is no winner in a trade war or tariff war, which serves the interests of neither side nor the world,” Liu said in a statement. “Despite the differences, our two countries share huge common interests and space for cooperation.
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