President Donald Trump signed an order imposing tariffs on imports from Mexico, Canada, and China, fulfilling a campaign promise while risking economic turmoil. The tariffs aim to combat fentanyl production and illegal immigration, but analysts warn of potential harm to the US economy and global trade.
on Saturday signed an order to impose stiff tariffs on imports from Mexico, Canada and China — fulfilling one of his post-campaign commitments to voters that also carries the risk of
The decision throws the global economy and Trump's own political mandate to combat inflation into possible turmoil, though the Republican president posted on social media that it was necessary “to protect Americans.”risk an economic standoff with America's two largest trading partners in Mexico and Canada, upending a decades-old trade relationship with the possibility of harsh reprisals by those two nations.
The Trump administration put the tariffs in place to force the three countries to stop the spread and manufacturing of fentanyl, in addition to pressuring Canada and Mexico to limit any illegal immigration into the United States. “It doesn’t make much economic sense,’’ said William Reinsch, senior adviser at the Center for Strategic and International Studies and a former U.S. trade official. “Historically, most of our tariffs on raw materials have been low because we want to get cheaper materials so our manufacturers will be competitive ... Now, what’s he talking about? He’s talking about tariffs on raw materials. I don’t get the economics of it.
The president is preparing more import taxes in a sign that tariffs will be an ongoing part of his second term. On Friday, he mentioned imported computer chips, steel, oil and natural gas, as well as against copper, pharmaceutical drugs and imports from the European Union — moves that could essentially pit the U.S. against much of the global economy.
Trump has said that the government should raise more of its revenues from tariffs, as it did before the income tax became part of the Constitution in 1913. He claims, despite economic evidence to the contrary, that the U.S. was at its wealthiest in the 1890s under President William McKinley.Canadian Prime Minister Justin Trudeau has told Canadians that they could be facing difficult times ahead, but that Ottawa was prepared to respond with retaliatory tariffs if needed and that the U.S.
TARIFFS TRUMP MEXICO CANADA CHINA ECONOMY FENTANYL
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