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Snapshot 3:Tue, Nov 26, 2024 10:30:05 AM GMT last edited by Harish Chander

Trump to Hit Mexico, Canada, China With Tariffs on Day-1 in Office

Trump to Hit Mexico, Canada, China With Tariffs on Day-1 in Office

Above: **Watermarked Getty image. Kindly Replace** Image copyright: Contributor/Bloomberg via Getty Images

The Facts

  • US President-elect Donald Trump Monday vowed to impose big tariffs on Canada, Mexico, and China on assuming office, potentially triggering a trade war, spiking US businesses' and consumers' costs, and choking supply chains.

  • Trump said he'd levy 25% tax on all goods coming in from Canada and Mexico; Chinese products would attract an extra 10% over all additional tariffs. He'll stick to them till these nations curb illegal immigration and drug trafficking, he said.


The Spin

Donald Trump’s bold tariff strategy offers a transformative vision for the US economy. He aims to revitalize American manufacturing, protect domestic jobs, and counter unfair foreign trade practices, particularly from nations like China. Raised tariffs will create a fairer global market, penalizing countries that exploit the system while favoring US workers. Moreover, the revenue from tariffs could fund critical initiatives, from childcare to infrastructure, while incentivizing companies to invest at home, forging a pathway to economic growth and resilience.

Donald Trump has primed an economic time bomb that would devastate US industries, inflate consumer prices, and shatter global supply chains. His punitive taxes risk retaliation, skyrocketing costs, and widespread job losses in industries reliant on integrated North American and global trade. His plan undermines existing trade agreements, destabilizes diplomatic ties, and ignores the reality that tariffs are paid by US consumers and businesses. This short-sighted policy guarantees economic pain while solving no problems.


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