18 sources·Politics

Trump's Proposed Tariffs: Economic Challenges Ahead

President-elect Trump's tariff proposal could drastically affect prices and trade relations with Mexico, Canada, and China, igniting concern among economists and policymakers.

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Updated: Nov 26th, 2024, 6:12 PM ET

Summary

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President-elect Donald Trump plans to impose a 25% tariff on all imports from Mexico and Canada, and a 10% tariff on China, starting on his first day in office. This proposal aims to address illegal immigration and drug trafficking but contradicts the existing USMCA trade agreement. Economists warn that these tariffs could significantly raise prices for American consumers, impacting everyday goods, despite possible negotiations with trade partners. Responses from Canada and Mexico express concern over a potential trade war, while experts suggest the tariffs may strain existing economic ties and provoke retaliatory measures.

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