Donald Trump Aims to Impose Tariffs on Canada, Mexico, and China, Raising Concerns for US Consumers | US News
Donald Trump intends to implement 25% tariffs on imports from Canada and Mexico, alongside 10% tariffs on goods from China.
This anticipated decision has sparked concerns about potential price hikes for US consumers, as the American president hinted that he would seek to mitigate the effects on oil imports.
He has been vocal about these tariffs to push for increased cooperation from these nations in combating illegal immigration and the trafficking of substances used in fentanyl production.
Moreover, he has committed to utilizing tariffs to promote domestic manufacturing.
Analysis by economics and data editor Ed Conway:
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“Starting tomorrow, those tariffs will be enacted,” White House press secretary Karoline Leavitt informed journalists on Friday.
“These are promises made and promises fulfilled by the president.”
The tariffs present both political and economic challenges for Mr Trump.
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Many voters supported the Republican candidate with the expectation that he would curb inflation, but these tariffs could result in increased costs and potentially disrupt various sectors including energy, automotive, lumber, and agriculture.
Mr Trump mentioned that he is considering providing an exemption for Canadian and Mexican oil imports.
“I’m likely going to lower the tariff a bit on that,” Mr Trump stated.
“We’re aiming to reduce it to 10%.”
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In October, the United States imported nearly 4.6 million barrels of oil daily from Canada and 563,000 barrels from Mexico, as reported by the Energy Information Administration.
U.S. daily production in that month averaged approximately 13.5 million barrels per day.
China reacted strongly to the tariffs imposed by Mr Trump on Chinese products during his first term, targeting rural American supporters of the president with retaliatory duties on U.S. agricultural exports.
Both Canada and Mexico have indicated they are prepared to implement retaliatory tariffs if necessary.
Canadian Prime Minister Justin Trudeau remarked on Friday: “We’re ready with a calculated, robust but rational response.
“It’s not our preference, but should he proceed, we will also take action.”
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Tariffs to focus on Mexico and Canada
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Mr Trudeau warned that tariffs could lead to “disastrous consequences” for the U.S., jeopardizing American jobs and inflating prices.
Mexican President Claudia Sheinbaum stated on Friday that Mexico has been in communication with Mr Trump’s team since before his return to the White House.
However, she stressed that Mexico has a “plan A, plan B, and plan C depending on the decisions made by the United States government.”
“It is imperative that the Mexican populace understands that we will always protect the dignity of our people, uphold the respect of our sovereignty, and engage in dialogue as equals, as we consistently assert, without subordination,” she added.
Liu Pengyu, spokesperson for the Chinese embassy in Washington, urged both countries to address their differences through dialogue and consultation.
“There are no victors in a trade war or tariff conflict, as it serves neither party’s interests nor the global economy,” Mr Liu stated.
“In spite of the differences, our two nations possess vast common interests and potential for collaboration.”
Mr Trump also commented on a plan for tariffs on the European Union, though he did not provide specific information.
He told reporters at the White House that he would “definitely” impose tariffs on the EU, remarking that “the European Union has treated us very poorly.”
