Trump’s rates for Mexico, Canada and China can increase prices of cars, electronics, fuel, food and more
On Saturday evening, Trump signed executive orders for the imposition of tariffs for Mexico, Canada and China under the International Economic Forces Law on Emergency (IEEPA), with the White House The allegation of this move aims to hold the largest US trading partners, “responsible for their promises to stop illegal immigration and stop poisonous fentanyl and other flow drugs in our country.” Orders put 25 percent additional import tariffs from Canada and Mexico, the only exception being that Canada’s energy products will be subject to a 10 percent tariff. Imports from China will also face a 10 percent tariff.
Wide tariffs are expected to come into force on Tuesday and could have consequences not only for American business but also for consumers. Mexico, Canada and China are the best suppliers in the import of goods in the US, each of which represents hundreds of billions of dollars products that enter the country every year, data from the US Department of Commerce and Show. These products cover a wide range of categories, from agriculture to transportation/car, fuel, electronics, wood, furniture, alcohol and more.
Mexico and Canada dominate the American import of agricultural goods, such as Mexico supplies objects such as fruits, vegetables and nuts and the greater part of imported animal products such as beef coming from Canada, according to and S The two countries were also our best suppliers for transport equipment, including cars and car parts and raw oil. Canada is responsible for nearly 60 percent of raw oil imports to the United States according to which noted in a report last month that the new tariffs “could influence the US Raw Petrol Market and fuel prices for consumers.”
Imports of electronics largely comes from China, and Mexico follows close. Trade economy data also shows machines, toys and games, furniture and plastics among the best goods imported from China in recent years. The electronics sector can together with pharmaceuticals and steel.
Canada and Mexico leaders responded to the rates, on American goods in revenge. Canadian Prime Minister Justin Trudeau on Saturday has announced a 25 percent tariff of approximately $ 107 billion ($ 155 billion) on US goods, Reuters Reports.
In a statement Issued after the announcement of the tariffs, John Murphy, the Senior Vice President of the US Chamber of Commerce and the head of the international, warned that Trump’s new tariffs could negatively affect both consumers and supply chains. “The president has the right to focus on the major problems such as our broken border and scourge on fentanyl, but the imposition of tariffs under IEEPA is unprecedented, will not solve these problems and will only raise prices for US families and upnd supplies,” said Murphy Murphy Murphy S “The Chamber will consult with our members, including Main Street’s business across the country, affected by this move, to determine the next steps to prevent economic damage to Americans.”
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