Donald Trump’s threatened tariffs on Mexico, Canada, and China were enforced on Saturday nights, and both Mexico and Canada paid 25 % wholesale charges at once.
China is currently collected only with 10 % tariffs.
Trump has a more aggressive strategy for his neighbor than his first administration. At that time, he took an approach that focused on specific industries such as steel and aluminum.
This time, customs duties seem to be applied to most categories, but they were engraved in Canada’s energy.
Cleaning fees can make the United States more expensive to many items imported from neighbors. Currently, some of the common Mexican imports that can be brought into this country include fruit, vegetables, beer, alcohol, and electronic devices. From Canada: Potato, grain, wood, steel.
EY Chief Economist Gregory Dako stated that agricultural products are major trade categories between the United States, China, and Mexico.
“We tend to think that products are automotive supplies, furniture products, and these types of heavy equipment, but we forget that we are doing a lot of trade in agriculture. Not to be a category that directly collides with a consumer wallet.
According to the Labor Statistics Bureau, it has already increased high food prices and has increased 28 % in the past five years.
The deeply intertwined of the three countries between the three countries, so it may be more expensive to bring cars and automotive parts to the United States.
The owner, Keith Scarione, is likely to make the cost of components like oil filters more expensive, in S & S automobile service cars in Sechas, New Jersey.
“The average oil change of most vehicles, which is mainly noticeable, is currently between $ 50 and $ 80, probably over $ 100,” said Scaglione.
The tariffs announced on Saturdays are the beginning of the policy war, and there is a risk that the tariff rate will be higher. When publishing tariffs on Saturdays, the White House added that the retaliation clause was added to the measures.
“Therefore, if any of the countries chose to retaliate in some form, the signal will take further actions on the increase in tariffs,” said the White House.
Trump has enacted tariffs under the International Emergency Economic Power Law. This allows the president to respond to “extraordinary threats.” This is identified as Fentanyl and drug crisis that Trump is promoting China, Mexico and Canada.
In collaboration with China’s 10 % of tariffs, the United States targets the top three trade partners and accounts for more than $ 1.2 trillion last year.
The 10 % tariff on Canada’s energy is a major development of industries that almost all sell crude oil to US Canada’s energy regulatory authorities, and in 2023, about 97 % of all crude oil exports to the United States. It is reported that it was sent.
In the case of US refinement, especially adjusted to Canadian oil, the cost of switching in imports can lead to more expensive gas prices with pumps.
DACO imposes tariffs on imposing a “serious economic impact on large -scale trading partners to” serious economic impacts “, which is a higher inflation environment and a decrease in the growth environment due to the importance of trade. He said that it could lead to the environment. In both of these economies. “
