Trump Fires First Shots In Trade War With Tariffs on Mexico, Canada
HuffPost
Donald Trump famously renegotiated an existing trade pact with the countries in his first term. Now he's going back for more.
President Donald Trump Saturday followed through with his threat to impose new tariffs on the United States’ two biggest trading partners, Mexico and Canada.
“We need to protect Americans, and it is my duty as President to ensure the safety of all,” Trump said in a post on social media, in which he described the tariffs as a way to pressure the countries into doing more to stop the flow of illegal drugs and undocumented immigrants.
Trump said most goods from Mexico and Canada will see a 25% surtax, except for Canadian oil, which will see a 10% tariff. He also said he was imposing a 10% tariff on goods from China.
However, at least the Canadian tariffs won’t go into effect until just after midnight on Tuesday morning. The delay could allow for Canadian and U.S. leaders to rush through negotiations and try to defuse the situation.
Tariffs are charges placed on imported goods as they enter the country, paid by the company or individual bringing the good in. Economists are almost unanimous that tariffs are passed on to the consumer as higher prices.
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