President Trump declared an economic emergency and imposed tariffs on imports from Canada, China, and Mexico, fulfilling campaign promises but raising concerns about a prolonged trade war. The tariffs, ranging from 10% to 25%, will affect a wide range of goods, including oil, lumber, produce, clothing, and electronics. Canada and Mexico swiftly retaliated with their own tariffs, while China has threatened countermeasures. Economists warn that these tariffs could lead to higher prices, lower supplies, and a slowdown in economic growth for the US.
ByPresident Donald Trump departs the White House, Friday, Jan. 31, 2025, in Washington, en route to Florida.
Unlike during the 2024 campaign, when Trump billed his economic agenda as a sure-fire way to reduce the cost of living for Americans, the president now is acknowledging what many economists have long forecasted: that the levies could yield higher prices and lower supplies across the market. Trump’s order included a promise to escalate the tariffs if U.S. trading partners answered with their own. That threat did not prevent a swift response.
As of Sunday afternoon, China had not imposed new tariffs on U.S. goods. But its Ministry of Foreign Affairs said the Beijing government will take “necessary countermeasures to defend its legitimate rights and interests.” The Ministry of Commerce said it would file a lawsuit with the World Trade Organization for the “wrongful practices of the U.S.”End-line consumers don’t pay tariffs directly. It’s usually whatever company – a foreign-based exporter or U.S.
The effects reach even to companies and products billed as “made in the U.S.A.” Because sometimes that label means only that a product is assembled or otherwise finished in a U.S. facility but still includes raw materials, parts or packaging from elsewhere.
TRADE WAR TARIFFS CANADA CHINA MEXICO ECONOMICS INFLATION CONSUMERS
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