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Donald Trump imposes tariffs but Canada and Mexico hit back (www.bbc.com)

submitted 1 year ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Summary

Donald Trump imposed 25% tariffs on imports from Canada and Mexico and 10% on China, citing drug trafficking and immigration concerns.

Canada and Mexico announced retaliatory tariffs, with Canada targeting $155 billion in U.S. goods and Mexico planning 25% tariffs on American products.

Economists warn the tariffs could raise consumer prices, especially in the auto, food, and housing sectors. China condemned the move and plans to file a WTO lawsuit.

Analysts suggest Trump may adjust the tariffs based on political and economic pressures.

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[–] Stern@lemmy.world 5 points 1 year ago

Wow who would have thought that tariffs invite retaliatory tariffs except everyone in the history of ever