President Donald Trump is implementing broad tariffs on major US trading partners Canada, Mexico, and China, citing an 'extraordinary threat' from illegal immigration and drugs. This move triggers concerns about potential trade wars and economic fallout.
President Donald Trump is implementing broad tariffs on major US trading partners Canada , Mexico , and China , citing an 'extraordinary threat' from illegal immigration and drugs. The White House announced the tariffs on Saturday, stating that the influx of illegal aliens and drugs, including fentanyl, constitutes a national emergency. Canadian and Mexican exports to the United States will face a 25 percent tariff, with Canadian energy resources facing a lower 10 percent levy.
Duties on Canadian goods begin Tuesday. Goods from China, which are already subject to various tariff rates, will see an additional 10 percent tariff.Trump is invoking the International Emergency Economic Powers Act to impose these tariffs. The aim is to hold all three countries accountable for their promises to halt illegal immigration and stop the flow of fentanyl and other drugs into the US. Washington has accused Mexico's government of harboring an 'intolerable alliance' with drug trafficking groups. This announcement threatens significant disruptions across supply chains, impacting various sectors from energy to automobiles and food. Trump, who has repeatedly expressed his support for tariffs, has hinted that this action could be the first step in further trade conflicts. He has pledged to impose tariffs on the European Union in the future and has also promised duties on semiconductors, steel, aluminum, as well as oil and gas. The White House maintains that tariffs are a powerful tool for protecting national interests. Trump, currently in Florida, posted on social media: 'We need to protect Americans, and it is my duty as President to ensure the safety of all.'Imposing sweeping tariffs on three key trading partners carries risks for Trump, who was elected in part due to public dissatisfaction with the economy. Higher import costs are likely to dampen consumer spending and business investment, according to EY chief economist Gregory Daco. He predicts inflation will rise by 0.7 percentage points in the first quarter due to the tariffs, before gradually easing. He also warns that rising trade uncertainty will increase financial market volatility and strain the private sector, despite the administration's pro-business rhetoric. Trump's supporters downplay concerns about inflation, suggesting his proposed tax cuts and deregulation measures could boost growth instead. However, Democratic lawmakers criticize Trump's plans, with Senate Minority Leader Chuck Schumer warning that new tariffs could further drive up costs for American consumers. Canada and Mexico are major suppliers of US agricultural products, with imports totaling tens of billions of dollars from each country annually. Tariffs would also heavily impact the auto industry, as about 70 percent of light vehicles built in Canada and Mexico are destined for the US market, according to S&P Global Mobility. With automakers and suppliers operating throughout the region, tariffs will likely increase costs for US-made vehicles.Canadian Prime Minister Justin Trudeau stated on Friday that Ottawa is prepared with a 'purposeful, forceful' response. Doug Ford, premier of Canada's economic powerhouse Ontario, warned that the impact of these tariffs will be felt almost immediately, predicting potential job losses and a slowdown in business. Mexican President Claudia Sheinbaum expressed calm, stating that she knows 'the Mexican economy is very powerful.' Sheinbaum has met with Mexican business representatives, with her economy minister Marcelo Ebrard stating that the private sector is uniting behind her in the face of potential commercial 'arbitrariness.' White House Press Secretary Karoline Leavitt dismissed concerns of a trade war.However, hiking import taxes on crude oil from countries like Canada and Mexico could have significant implications for US energy prices, especially in the US Midwest, noted David Goldwyn and Joseph Webster of the Atlantic Council. Nearly 60 percent of US crude oil imports come from Canada, according to a Congressional Research Service report
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