Trump tariffs would harm all involved, US trade partners say
Trump's threat of hefty tariffs on goods would harm the economies of all involved, cause inflation to spike and damage job markets.
Trump's pledge announced on Monday roiled currency, bond and equity markets on Tuesday, as the three countries are the United States' largest trading partners. Mexico and Canada are particularly intertwined in U.S. auto production and energy output thanks to decades of trade agreements between the North American neighbors.
Trump's plan to impose a 25% tariff on Canadian and Mexican imports on his first day in office does not exempt crude oil as industry executives had hoped, two sources familiar with the plan told Reuters on Tuesday.
Leaders and other top officials warned a trade war could erupt and economies be damaged, and sought talks with Trump after the surprise announcement, which includes an extra 10% levy on Chinese goods — until the three countries clamp down on the flow of illicit drugs and migrant border crossings.
«To one tariff will follow another in response and so on, until we put our common businesses at risk,» Mexican President Claudia Sheinbaum said during a regular press conference. Sheinbaum said she planned to send a letter to Trump and would seek a call with him to discuss the issue.
Strategy
Succession Planning Masterclass
By — Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd.
Office Productivity
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
By — Metla Sudha Sekhar, IT Specialist and Developer
Finance
A2Z Of Finance: Finance
