WASHINGTON, DC – The US economy is set to experience some “disturbance” from tariffs, President Donald Trump said Tuesday (Wednesday Manila time), as
‘DISTURBANCE’ FROM TARIFFS. Shipping containers are stacked high at the Port of Long Beach, Ca;ifornia on Wednesday as US President Donald Trump’s tariffs on Canada and Mexico take effect. Trump could announce a compromise tariff arrangement with Canada and Mexico, his commerce secretary said in an interview, shortly after sweeping 25-percent levies went into effect.
“Tariffs are not just about protecting American jobs. They’re about protecting the soul of our country,” Trump said Tuesday.Earlier Tuesday, a furious Trudeau accused Trump of trying to cause the collapse of Canada’s economy to make it easier for the United States to annex his country, and blasted Washington for targeting a close ally while “appeasing” Russia over Ukraine.
Multiple Canadian provinces have since banned the sale of US alcohol products, as part of a broad national retaliation. Commerce Secretary Howard Lutnick however said Trump could dial down hefty levies on Canada and Mexico this week, while maintaining pressure on China. On Tuesday, Trump also took aim in his speech at the European Union and countries including Brazil, India and South Korea over what he called “unfair” practices.Analysts and businesses have warned that higher import costs could raise prices for consumers, and this may complicate efforts to bring down inflation — one of the issues that got Trump elected.
“The short-term effect of any tariff clearly is inflation,” Charles van der Steene, the North America president for shipping giant Maersk, told CNBC. “It’s inflationary in its essence.”
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