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Trump Signs Executive Order Raising Tariffs On Canada, Mexico, and China. [1]
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Date: 2025-02-01
Looks like Trump has started his trade war with Canada, Mexico, and China. According to updates from the NYT, Trump signed an executive order placing 25 tariffs on Canada and Mexico, with a 10% tariff on Canadian oil. China got hit with a 10% tariff. All these tariffs are to take effect on Tuesday at 1201.
Trump claims he is doing this to stop the flow of fentanyl from those three countries. And Trump thinks he can get manufacturing back to the U.S. this way. Yeah, right.
Researchers at the Peterson Institute for International Economics in Washington estimate that a 25 percent tariff on all exports from Mexico and Canada would hit those countries the hardest, but would slow economic growth and accelerate inflation in all three countries. Mr. Trump has not been persuaded by those arguments. He has long boasted of the value of tariffs as a way to generate revenue, boost U.S. manufacturing and cow foreign governments into action. Speaking to reporters from the Oval Office on Friday, Mr. Trump suggested this was just the beginning of his trade war. The president said he would also “absolutely” impose tariffs on the European Union, saying that it had “treated us so terribly.” He added that the United States would eventually put tariffs on chips, oil and gas — “I think around the 18th of February,” he said — as well as later levies on steel, aluminum and copper.
Emphasis is mine.
Additionally, Trump has not even tried to negotiate about fentanyl production with any of those countries. He’s going for another club to use, but this time it will fall on American consumers.
It’s going to be a long four years with our Dunning-Kruger effect president in the White House.
UPDATE:
David Adams, the president of a trade group that includes the Canadian manufacturing operations of Honda and Toyota, said that the tariffs will quickly cause automakers on both sides of the border to shut down assembly lines because the industry is so interconnected. “It’s not a good situation,” said Adams, the president of the Global Automakers of Canada.
I will watch for this. Toyota has a manufacturing facility in Georgetown, KY. If there is a shut down there, I wonder what dear Old Moscow Mitch will say about Trump’s tariffs? Nothing I bet.
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