John Iadarola and Adrienne Lawrence break it down on The Damage Report.
“President-elect Donald Trump’s threat to impose tariffs on Canada, China and Mexico on the first day of his administration could dramatically raise prices for Americans on everything from cars to clothes to oil.
It could also blow up a trade deal between the United States, Canada and Mexico (USMCA) that went into effect in 2020 after extensive and intense negotiations by Trump’s own administration.
Trump late Monday said he would charge Mexico and Canada with a 25% tariff on all products coming into the United States until action is taken by those country to stem illegal immigration and overflow of drugs across the border.
For China, Trump said that he’d impose an additional 10% tariff on products coming to the U.S.”
Read more here: Trump’s tariff plan could raise prices, blow up his own trade deal with Mexico and Canada
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