Economists say Trump could give Americans the very thing they voted against
Business InsiderNov 04, 2024
US Pres.-elect Donald Trump on Monday pledged to use an executive order to impose tariffs on Canada, Mexico, and China after entering office on Jan. 20, 2025.
Trump said he'd levy 25% tax on all goods coming in from Canada and Mexico while Chinese products would attract an extra 10% on top of additional tariffs he may impose through executive orders. The President-elect claimed he'd continue with tariffs until these nations curbed alleged illegal immigration and drug trafficking.Trump said he'd levy a 25% tax on all goods coming in from Canada and Mexico while Chinese products would attract an extra 10% on top of additional tariffs he plans to impose through executive orders. The President-elect claimed he'd continue with tariffs until these nations curbed alleged illegal immigration and drug trafficking.
Posting on his Truth Social platform, Trump said Mexico and Canada have the "absolute right and power" to stop "this invasion of our country." He also drugs and crime were entering the US "at levels never seen before."Posting on his Truth Social platform, Trump said Mexico and Canada have the "absolute right and power" to stop "this invasion of our country." He also said drugs and crime were entering the US "at levels never seen before."
Pres.-elect Trump's bold tariff strategy offers both a transformative vision for the US economy and a strong tool to achieve foreign policy goals. He aims to revitalize American manufacturing, protect domestic jobs, and counter unfair trade practices from nations like China. These 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 while incentivizing companies to invest at home.
Donald Trump has primed an economic time bomb that would devastate US industries, inflate consumer prices, and shatter global supply chains. His punitivepolicies taxes risk retaliationa trade war, 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 whilewithout solving nofinancial problemsissues in the long run.