Trump's tariff threat worked on Colombia, but his plans for Canada and Mexico carry higher stakes

abcnews.go.com:

President Donald Trump has already forced Colombia to accept deportees by threatening tariffs and is readying the same move against Canada and Mexico as soon as Saturday

WASHINGTON — Having already forced Colombia to accept deportees by threatening a 25% tariff, President Donald Trump is readying the same move against Canada and Mexico as soon as Saturday.

But this time, the stakes are higher and many economists surveying the possible damage doubt Trump would be comfortable with what they say would be self-inflicted wounds from the tariffs.

“The potential for such sizable economic impacts ought to act as enough of a deterrent that Trump will not end up implementing these higher tariffs,” said Matthew Martin, senior U.S. economist at the consultancy Oxford Economics.

Trump has repeatedly insisted that tariffs are coming on Canada and Mexico, despite both countries seeking to address his stated concerns about illegal border crossings and the smuggling of fentanyl. But the Republican president is also motivated by the idea that tariffs would force other countries to “respect” the United States.

“We’re going to immediately install massive tariffs," Trump said in a Monday speech, adding, “Colombia is traditionally a very, very strong-willed country,” but it backed down rather than face import taxes.

Multiple economic analyses show that universal tariffs against Canada and Mexico risk more inflation and an economic slowdown. It's a much larger play than Trump's moves against Colombia, which accounts for roughly 0.5% of U.S. imports. By contrast, nearly 30% of all U.S. imports hail from Canada and Mexico, amplifying the risk that tariffs could fuel inflation and undermine Trump's campaign promises to get prices under control.