What is a tariff and who pays it?
CNN
Well, it finally happened: President Donald Trump fulfilled his promise to impose sweeping tariffs on America’s top three trading partners, Mexico, China and Canada.
Well, it finally happened: President Donald Trump fulfilled his promise to impose sweeping tariffs on America’s top three trading partners, Mexico, China and Canada. Collectively, these three countries shipped $1.4 trillion worth of goods to the United States last year, accounting for 40% of all the goods the US imported, according to Commerce Department data. Effective immediately, all goods coming from Mexico and Canada, with the exemption of Canadian energy products, are subject to a 25% tariff. Goods coming from China are subject to a 20% tariff. As the countries vowed retaliatory tariffs on the US, Commerce Secretary Howard Lutnick said again Wednesday there may be some room for negotiation on the Mexican and Canadian tariffs. The tariffs, which Trump tied to stopping the flow of fentanyl into the US, threaten to significantly raise prices of goods at a time when the economy is already on shaky ground. Trump and members of his administration have often shrugged off concerns about the additional cost tariffs present for US businesses, claiming foreign countries are the ones who pay for it. That’s not exactly true, though. Here’s what you need to know about tariffs:
Target is facing a 40-day consumer boycott starting Wednesday over the company’s shift away from diversity, equity and inclusion (DEI) policies.
China has set an ambitious target for “around 5%” growth in 2025, maintaining last year’s goal even as it braces for the fallout from escalating American tariffs on its export-driven economy.
Lawmakers and aviation organizations grappled with whether the US has maintained its title as “the gold standard” when it comes the safety of the nation’s air traffic control system in a House hearing Tuesday.
US Commerce Secretary Howard Lutnick said that President Donald Trump could announce a trade deal with Mexico and Canada as soon as tomorrow, just one day after the US imposed punishing tariffs on the two nations and sparked retaliatory levies.
American asset management giant BlackRock has agreed to buy two ports at either end of the Panama Canal from a Hong Kong-based firm whose ownership had angered President Donald Trump.
Two of America’s largest retailers, Target and Best Buy, warned Tuesday that prices will increase following President Donald Trump’s tariffs on imported goods from Mexico, Canada and China. Target’s CEO said the price increases could happen a lot sooner than you think.
YouTube is cracking down on content related to gambling as sports betting and other online prediction markets have taken off in the United States.
The crypto industry is getting everything it wanted under President Trump. The regulators that crypto firms have blamed for all of their problems have been gutted or made over with friendlier faces who are eager to drop lingering legal challenges. The White House is even hosting an industry roundtable this week. That’s the kind of attention the industry couldn’t have dreamed of under the Biden administration.
US stock futures slid Tuesday after President Donald Trump made good on his threat to levy hefty tariffs on Canada and Mexico. Dow futures dropped by around 150 points in premarket trading, and futures tied to the S&P 500 and Nasdaq 100 were both around 0.7% lower.
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American consumers and businesses stand to pay a hefty price for the tariffs President Donald Trump enacted on the nation’s top three trading partners.
President Donald Trump’s blanket tariffs on Mexico and Canada took effect on Tuesday, an extraordinary action aimed at bringing America’s top trading partners to heel. But it threatens to weaken the North American economy, including that of the United States, at a time of significant stress.
Chipmaking giant Taiwan Semiconductor Manufacturing Company plans to invest at least $100 billion to grow its US manufacturing operations, President Donald Trump announced from the White House on Monday alongside the firm’s CEO C.C. Wei, Commerce Secretary Howard Lutnick and White House AI and Crypto Czar David Sacks.