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Trump Implements Tariffs on Canada, China and Mexico—What You Need to Know
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Key points
- On Saturday, the White House levied 25 % tariffs on goods in Mexico and Canada, and levied 10 % tariffs on Chinese items.
- Economists say that these tariffs may increase inflation, and consumers can pay more for daily items.
- This may be just the first round of tariffs that the Trump administration can implement.
After several weeks of threats, the White House levied tariffs on the imports of some largest trading partners in the United States on Saturday.
President Donald Trump ordered a 25 % tariff on Mexico, a 25 % tariff on Canada and a 10 % tariff in China. According to the latest data from the U.S. Census Bureau, these three countries account for 41.7 % of all imports. All imports imported from these three countries Taxation will be levied now In addition to Canada’s oil, Trump’s order tax rate is 10 %, these higher speeds.
| nation | Products imported in November 2024 | The percentage of imports in November 2024 |
|---|---|---|
| Mexico | $ 4666 billion | 15.6 % |
| China | $ 41.4 billion | 13.5 % |
| Canada | $ 377.2 billion | 12.6 % |
| Germany | $ 146.7 billion | 4.9 % |
| Japan | $ 135.8 billion | 4.6 % |
trump card Promise on the campaign trail He will raise important taxes on the first day of the government. On the contrary, he Delays the deadline By February 1. Some economists speculate that the threat of tariffs may be Negotiating strategy It aims to make concessions on other policy differences (such as immigration).
Economists say that as companies increase their costs to consumers, tariffs may increase inflation. Although it is difficult to estimate how the tariffs will pass at each stage of production Core PCE inflation Up to 1.4 %.
Because they may increase Stubborn inflationAccording to the public opinion test of “Morning Consultation”, for most Americans, tariffs are the priority of most Americans. Only 23 % of voters said that tariffs should be the early focus of the Trump administration, which has made it one of the presidential campaign commitments, but the least support. In addition, reducing the cost of commodity and service is his largest Wide -supported initiative79 % of voters said it should be Trump’s top priority.
This may not be the last tariff of government radar. During his campaign, Trump put forward the idea of potential tariffs on the EU since he was elected, and the European Union may be widely or targeted at specific products.
Wells Fargo economist Shannon Grein and Nicole Cervi wrote: “If President Trump’s first term is any guide, then the trading policy will still be in the next four years. Key projects on the agenda.
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