US President Donald Trump delayed tariffs on Canada and Mexico while sparking controversy with actions against USAID. The move follows threats of a trade war with major trading partners and comes amid escalating tensions between the administration and Congress.
In a flurry of recent developments, US President Donald Trump has postponed his planned tariffs on imports from Mexico and Canada for 30 days after securing commitments from both nations to enhance border security measures. This decision came after Trump threatened to impose 25% tariffs on most goods from Mexico and Canada , and 10% on Canadian energy products, slated to take effect on Tuesday.
The move sparked fears of a potential trade war within North America, with both Canada and Mexico vowing retaliatory actions. \Trump's truce with his North American neighbors, however, contrasts sharply with his ongoing trade dispute with China. Tariffs against Chinese goods are still scheduled to go into effect on Tuesday, despite ongoing negotiations. Meanwhile, the US Agency for International Development (USAID) finds itself in turmoil as billionaire Elon Musk's Department of Government Efficiency, granted broad authority to investigate the federal government, has instructed USAID staff to remain away from the agency's Washington headquarters. The organization's future remains uncertain as aid groups grapple with the implications of these drastic changes, questioning their ability to continue crucial programs like nutritional assistance for vulnerable children. \Adding to the political tensions, Senate Democrats are vehemently denouncing Trump's tariffs, highlighting the potential economic burden on American consumers. Senator Maggie Hassan of New Hampshire warned of increased home heating costs due to tariffs on oil, while Senate Democratic leader Chuck Schumer cited a report indicating that the average American household could face annual expenses rising by over $1,200 as a result of the tariffs. The Democrats' criticism underscores the domestic economic impact of Trump's trade policies. The situation escalates further with Hawaii Senator Brian Schatz placing a 'blanket hold' on all of Trump's State Department nominees. This unprecedented move by Democrats aims to counter Trump's executive actions concerning USAID and threatens the president's ability to fully staff his national security team. The cryptocurrency market, sensitive to global trade tensions, has also taken a hit, with prominent digital assets experiencing double-digit value drops. Bitcoin, the world's most popular cryptocurrency, fell below $100,000 following Trump's initial tariff announcement, although it rebounded somewhat after the pause on Mexican tariffs. Adding another layer of complexity, Congressional Democrats were recently barred from entering the USAID building, highlighting the escalating power struggle between the administration and Congress. The incident, attributed to the influence of Elon Musk and his supporters, further underscores the uncertainty surrounding the agency's future and the potential for further political turmoil
DONALD TRUMP TARIFFS CANADA MEXICO USAID ELON MUSK TRADE WAR CONGRESSIONAL DEMS Cryptocurrency
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