THE GUARDIAN: Decision could set the stage for a damaging trade war between the US and three of its top trade partners
Donald Trump has signed an order authorizing tariffs after vowing to impose dramatic taxes on goods from Canada, Mexico and China starting this weekend.
The decision could set the stage for a damaging trade war between the US and three of its top trade partners. Trump has also threatened to impose tariffs against European Union nations.
Trump signed three executive orders on Saturday imposing tariffs of 25% on all goods from Mexico and Canada, the New York Times reported. Trump imposed a 10% tariff on Canadian oil exports, as well as a 10% tariff on items from China.
Trump is imposing the tariffs under the International Emergency Economic Powers Act. Authorities have nodded to worries about fentanyl coming in to the US through this county’s borders with Canada and Mexico, produced from Chinese ingredients, according to the Times.
Trump’s decision to levy a 10% tariff rate on Canadian energy products seems to be some sort of recognition that tariffs can spur higher prices. The White House has contended that tariffs will not fan the flames of inflation. » | Victoria Beklempis | Saturday, February 1, 2025
THE NEW YORK TIMES:
Trump Signs Orders Imposing Steep Tariffs on Mexico, Canada and China »
