US President-elect Donald Trump's threats of steep tariffs on imports from Canada, Mexico, and China could initiate a global trade war with major economic repercussions, especially for neighboring countries like Canada.
Donald Trump 's proposed tariffs could have sweeping, global repercussions. What would the tariffs and responses mean for the global economy?U.S. President-elect Donald Trump attends a viewing of the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas on Nov. 19, 2024. Donald Trump is threatening steep tariffs on all goods entering the U.S. from Canada , Mexico and China .
The U.S. dollar, already surging against foreign currencies, would jump, forcing the Bank of Canada to hike interest rates, all while exporters struggle. Canadian GDP would fall by as much as 5.6 per cent. Schamotta issued a chart highlighting the major changes in trade barriers going back to 1820. He measured the ratio of duties to value to see how tariffs impacted the U.S. economy.They initially targeted wool and sugar, but snowballed as industries lobbied for more. Eventually, they were proposed on over 800 different products.on U.S. eggs by 233 per cent.) In the end, the act only worsened the effects of the Great Depression.
Brad Setser, an economist from the Council on Foreign Relations, says one crucial thing to watch is whether China allows its currency to fall against the dollar. Trump, centre, shakes hands with Prime Minister Justin Trudeau as Mexico's then-president Enrique Pena Nieto looks on after they signed a new United States-Mexico-Canada Agreement that replaced NAFTA, in November 2018. It's important to note that for now, the threat of tariffs remains largely hypothetical. It wasn't announced as an official policy, but rather in a late-night social media post.
Donald Trump Global Trade War U.S. Economy Canada Mexico China
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian Premier Urges Strong Stand Against Trump's Proposed Tar Import Tar: 'Devastating Impact' PredictedPremier of British Columbia, David Eby, is calling for a united front against Donald Trump's plans to impose a 25 percent import tax on goods from Canada and Mexico, warning of a 'devastating impact' on workers and families. He urges Canada to negotiate from a position of strength and holds discussions with Prime Minister Justin Trudeau to formulate a strategic approach.
Read more »
Auto Industry Leader Warns of Devastating Effects of Trump's Proposed Tar-to-Canada TaxA prominent figure in the auto industry warns that US President-elect Donald Trump's proposal to impose a 25% tax on Canadian goods will have severe repercussions. Flavio Volpe, president of the Automotive Parts Manufacturers Association, asserts that such a tax would increase costs for both Canadian and US consumers and disrupt the auto manufacturing process.
Read more »
Canadian Leaders Express Concern Over Trump's Proposed Tar on Canadian GoodsCanadian business and political leaders are voicing concerns about Donald Trump's pledge to impose a 25-per-cent tariff on all Canadian goods coming into the United States. They argue that such tariffs would harm businesses on both sides of the border and weaken North America's economic and geopolitical strength.
Read more »
Canadian Premier Eby Urges Strong Response to Trump's Proposed Tar PolicyBritish Columbia Premier David Eby has called for Canada to approach Donald Trump's plan to impose a 25% tariff of U.S. import taxes on Canadian goods from a position of strength, as various organizations seek quick action on the trade threat. Eby plans to discuss a strategic approach with other premiers and Prime Minister Justin Trudeau, aiming to prevent the imposition of these tariffs post-Trump's inauguration on January 20th.
Read more »
Trump’s proposed tariffs are ‘concerning’ given Canada-U.S. trade links: expertDonald Trump’s plan to introduce tariffs on Canada and other nations is cause for concern, one expert says, adding that it could impact supply chains for critical industries.
Read more »
Bank of Canada says Trump's proposed tariffs would impact both economiesThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »