Donald Trump has pledged to impose a sweep tariff on Canada, Mexico, and China this weekend, and may set the stage of a trade war between the United States and the three largest trading partners. Trump also threatened to follow up with further tariffs on the European Union.
Products exported from Canada and Mexico to the United States are hit by 25 % of tariffs, but Chinese products are in the face of 10 % collecting, and the White House spokesman Karoline Leavittt is a reporter on Friday. I told the group.
The administration did not give accurate customs duties, but Trump began repeated on February 1. Trump later in an elliptical office, and oil from Canada suggests that millions of barrels per day to export millions of crude oil to the United States, but probably 10 % of tariffs and his administration is petroleum. We expect that it will impose obligations related to gas. Around February 18th.
The President has claimed that no Canada, Mexico, or China can do anything to prevent tariffs, but the officials are said to be being kicked out. According to Wall Street Journal, some situations are being considered to sign a 11 -hour contract.
Leavitt has alleged that the United States will “start tomorrow, its tariffs will be implemented” to delay the implementation of tariffs up to one month.
Canada has promised to retaliate with “powerful but reasonable” response. Mexico also made a plan, but refused to provide details. China states that the profit is “protect it firmly.”
Trump also said that the United States is also considering tariffs on drugs, steel, aluminum, copper, computer chips, and “tips -related things.” He also threatened the EU, but he claimed that he had treated it “horribly” with substantial actions.
The president has argued that imposing duty from overseas to raise hundreds of billions of dollars for the federal government, but even the nearest two allies in the United States forced a country to respond to his demands. I’m doing it.
However, economists have repeatedly warned that there is a higher tariff, which is an important pillar of Trump’s economic strategy, and the risk of raising the prices of millions of Americans, and “rapidly dissatisfied with living expenses. We are challenging a pledge to reduce the price “rapidly”.
Trump acknowledged on Friday that his tariff could cause a “temporary short -term turmoil”, but hoped to understand why they were imposed. “Credit does not cause inflation,” he said. “They cause success.”
Investors also seem anxious. Wall Street’s stock fell after the White House’s press conference, down 0.75 % in New York’s industrial average.
After winning the November election, the President returned to Canada, Mexico, neighboring the United States, China, and demanded that drugs such as illegal aliens and Fentanyl stop to reach the United States. Mr. Trump said that he would impose tariffs immediately after taking office, but a few hours after the inauguration ceremony said he would do so on February 1st.
Mexico and Canada have recently argued that Trump is ready to get his threat.
“There are plans A, Planning B, and Planning C,” said Mexico’s Claudia Sheinbaum on Friday. The country has previously indicated that if a US tariff is attacked, it needs to respond with its own duty.
Canadian Prime Minister Justin Toldo warns the “difficult time” when Trump advanced.
Levit has countered the Briefing of White House’s news agencies on the warning warning that Canada would advocate “powerful but rational” to US duty. media. “
Crystia Freeland, a former Canadian trade negotiator and Finance Minister, is fighting for the Support. “We need to be very targeted, very surgical, and very accurate,” she told the Canadian media. In this case, the Tesla chief, Elon Musk, was targeted in the center of the inner circle of Trump.
Trump, which discussed 20 % of the universal tariffs on all foreign imports from all over the world while being operated for re -election, revealed that other major markets, including the European Union, are in his vision. I did.
In his inauguration speech, the president made his plan to review the economic relationship between the United States and the world. “Instead of taxing citizens to other countries, we will impose foreign duties and taxes to enrich citizens,” he declared, “a large amount of the Ministry of Finance from foreign sources. It will lead to pouring. “
Customs duties are not charged by exporters, but are often given to consumers, in the United States, in the United States. This is why economist warns that increasing import obligations can worsen inflation.
Unbreaked Trump has begun discussions on the establishment of an external revenue service to collect tariffs.
The conservative tax foundation imposed a tariff equivalent to about $ 80 billion in products worth about $ 380 billion in 2018 and 2019, and described it as “one of the largest tax increase in decades.” It is estimated. The Biden administration has developed most tariffs and has increased tariffs with additional $ 18 billion in Chinese products, including semiconductors and electric vehicles.
In the first speech this week, Trump introduced his own officials to the “very close future” for overseas semiconductors, drugs, and steel, selected Taiwan, and such a duty is such a product in the United States. He argued that it suggested to encourage it.
At least it takes time to use a conventional playbook to impose tariffs. The necessary survey takes 270 days by law. However, it is reported that Trump officials are seeking other options, such as declaring economic emergency in an attempt to move more quickly.
U.S. importers and customs brokers are required to submit an outline of admission to arrive in the United States by the customs border security. Products are assigned a specific code according to a harmonious tariff schedule with an applied tariff rate.
Imports are responsible for paying the obligations calculated by the value of imported products.
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