President Donald Trump signed an order to impose tariffs on imports from Mexico, Canada and China, fulfilling a campaign promise but raising the prospect of increased prices for American consumers, according to the Associated Press.
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Trump is declaring an economic emergency to put duties of 10 percent on all imports from China and 25 percent on imports from Mexico and Canada. Mexico and Canada are America’s largest trading partners, the AP says. The only exception is on Canadian oil, which will have a 10 percent rate.
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According to the AP, the order includes a mechanism to escalate the rates if the countries retaliate, as they have said they would. The tariffs, Trump says, are to force the countries to do more to stop the flow of fentanyl into the US, to boost domestic manufacturing and to be a source of revenue for the federal government, according to the AP.
“You see the power of the tariff,” Trump told reporters Friday. “Nobody can compete with us because we have by far the biggest piggy bank.”
President Trump is making a major bet that his actions will not worsen inflation, cause financial destabilization worldwide or provoke a voter backlash, the AP says.
The tariffs could be short-lived, if these nations are able to reach a deal with Trump to aggressively address illegal immigration and fentanyl smuggling, according to the AP.
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