Economist Steve Moore and the White House Council of Economic Advisors Tomas Philipson discuss the tariff of President Donald Trump abroad on ‘The Bottom Line’, the former member of the ‘The Bottom Line’.
Canada and Mexico announce a tariff on US imports on Saturday in vengeance for US President Donald Trump Keeping tariffs on both countries.
Trump signed an executive order, authorizing 25% additional tariffs on imports from Canada and Mexico and 10% on imports from China. Energy imported from Canada, including oil, natural gas and electricity, will be taxed at an additional 10%.
The White House cited “illegal aliens and extraordinary threats generated by drugs, including the deadly fentenile” that “argues that” forms a national emergency. ” Tariffs will be applicable on Tuesday.
According to the Associated Press, after Tram vows on the campaign mark to reduce the prices of grocery items, gasoline, housing, auto, auto and other items, the tariff, if continuous, inflation may be quite bad. . Tariffs on America’s largest trading partners also risk damaging the global economy.
Trump impose tariffs on imports from Canada, Mexico and China: ‘National Emergency’
President Donald Trump gave his inaugural address at Washington, DC on 20 January after taking oath as the 47th President of the United States. (Chip Somodevilla/Pool/AFP Getty Image/Getty Image)
Trump’s order also promises to increase the rates if the countries retaliate, which can lead to further serious economic disruption, but it did not stop Canada and Mexico from doing so.
Canadian Prime Minister Justin Trudeau said at a news conference, “The actions done by the White House today separates us instead of separating us.” Including alcohol and fruits.
Trudeau expressed betrayal that many Canadians feel, reminding Americans that Canadian soldiers fought with them in Afghanistan and helped respond to various disasters in the US including Wildfire in California and Hurricane Katrina.
“We were always standing with you, with you, getting grieving with American people,” he said.
Trudeau warns of economic pain Caused by tariff And encouraged Canadian people to “choose Canadian products and services rather than American people.” Nevertheless, he expressed optimism in a permanent relationship between the two countries.
“This is going to be real results for people for workers on both sides of our border,” he said. “We don’t want to live here. We did not ask for it, but we will not stand for Canadian people and for incredible successful relationships between Canada and the United States.”
Mexican President Claudia Shinbam similarly ordered an anti -anti -counter tariff.
Trump’s tariffs are effective on Saturday: what do you know
US President Donald Trump (L) and Canadian Prime Minister Justin Trudeau (R) attend the NATO summit at the Grove Hotel in Watford, England on December 4, 2019. (Dan Kitwood / Getty Images / Getty Images)
“We clearly reject the slander of the White House that the Mexican government has an alliance with criminal organizations, as well as there is no intention to pay attention in our area,” Shinbam has written in a post on X, seeing this. It was that he had directed his economy secretary to implement a response. Which includes anti -countercolstery tariffs and other measures.
“If the United States government and its agencies wanted to address serious fentinel consumption in their country, generates activity that has done so much damage to its population,” she said.
The Premier of the Canadian province of British Columbia, David AB also asked the residents to stop buying liquor from GOP -led states in the US and said that it was removing American liquor brands from government stores shelves in response to tariffs.
China also responded to Trump’s tariffs, saying that they would bring a complaint in the World Trade Organization and “they would take the same counselor to keep our rights and interests completely safe.”
“China is strongly dissatisfied and strongly opposed it,” Chinese Ministry of Commerce Said in a statement.
According to the Associated Press, a new analysis by the budget lab in Yale stated that the average American house would lose $ 1,170 equal to Trump’s new tariff. Economic growth will slow down and inflation will deteriorate, and economic impact may be worse with vengeance from other countries.
This order will also allow for tariffs on Canadian imports under $ 800. According to the Associated Press, imports below that number are currently allowed to cross in the US without customs and duties.
Mexican President Claudia Shinbam and US President Donald Trump. :
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Democrats in Washington criticized Trump’s order, warning that any inflation would be the result of Trump’s actions in the near future.
“You are worried about grocery prices. Don raised prices with his tariff,” the Senate Minority Leader Chak Shumar, DNY.
“You are worried about tomato prices. Trump’s Mexico Tariffs wait for your tomato prices to increase,” he said in another post.
The Democrat leader added to another post: “You are worried about the car prices. Trump’s Canada Tariff wait to increase your car prices.”
