President-elect Donald Trump is back with a bang, and this time, he’s set his sights on tariffs. Trump wants to impose hefty tariffs on Canada, Mexico, and China. But is this a masterstroke or a misstep? Let’s get started.
President-elect Donald J. Trump confirmed in social media posts that these tariffs will take effect on his first day in office among his executive orders.
In a move that has sent shockwaves through global markets, Trump announced plans to impose a 25% tariff on all products coming into the United States from Canada and Mexico. The purpose? To curb illegal immigration and drug trafficking. These Tariffs are to remain in place until both Countries are able to control Drugs Trafficking as well as Illegal Immigration along their Borders.
Trump stated that Mexico and Canada “have the absolute right and power to easily solve this long-simmering problem” and demanded immediate action from both countries. “Until such time that they do, it is time for them to pay a very big price.”
In addition, he states that a 10% Tariff will also be imposed on China on top of all other Sanctions and Tariffs already placed upon the Country. Trump criticized China for failing to control the fentanyl flowing into the United States. These new tariffs will be added to the existing duties until the drug inflow is stopped.
During Donald Trump’s first term in the Oval Office, his administration implemented a series of tariffs as part of his “America First” policies aimed at reducing the US trade deficit. Trump administration imposed a 10% tariff on aluminium and a 25% tariff on steel imports from Canada, Mexico and the European Union in 2018. In the same year, he increased tariffs on Chinese products, sparking a trade war that strained international economic relations.
But let’s be real – is this about protecting American jobs, or is it just another chapter in Trump’s ongoing saga of economic strategy? Is Donald Trump gearing up for another global trade war?
Tariffs have been a cornerstone of economic policy of the United States since the 18th century. Initially, they were designed to generate revenue for the young government and protect promising industries. Fast forward to the 20th century, and tariffs became a tool for economic warfare, most notably during the Smoot-Hawley Tariff Act of 1930, which many experts blame for worsening the Great Depression.
Is Donald Trump gearing up for another global trade war? Will Trump’s tariffs make America great again, or will they lead us down a path of economic isolation and turmoil?
