(Reuters) -U.S. President-elect Donald Trump said on Monday that on his first day in office he would impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China, citing concerns over illegal immigration and the trade of illicit drugs.
"On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders," Trump said in a post on Truth Social.
Trump said the tariffs would remain in place until the two countries clamp down on drugs, particularly fentanyl, and migrants crossing the border illegally.
On China, the president-elect accused Beijing of not taking strong enough action to stop the flow illicit drugs crossing the border into the U.S. from Mexico.
"Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America," Trump said.
Trump has previously pledged to end China's most-favored-nation trading status and slap tariffs on Chinese imports in excess of 60% - much higher than those imposed during his first term
Comments
Although Trump is fond of tariffs, he may just implement substantial tariffs temporarily as a negotiation tactic.
It's easy to imagine how the whole situation can escalate and spiral out of control...
Seems to me that it did that on election day...
1. Hurts US automakers who already have assembly plants in Mexico
2. Increases 3,000 per vehicle which will pass onto the US car buyers
https://reuters.com/markets/mexico-warns-trumps-tariff-would-kill-400000-us-jobs-2024-11-27/
Cannot wait to see Tesla Cybertruck being manufactured in Mexico or Russia.
NAFTA sucks !
The reason for the Off-Topic section is pretty straightforward: In years past, before the initiation of Off-Topic, a great majority of MFO posters made it very clear that they did not want to see discussions that were not strictly about financial matters.
The MFO "powers that be" allow a pretty loose definition of "strictly about financial", but the obligation is upon we posters to exercise good judgement and not abuse the financial sections which are, after all, the heart of MFO.
While I sure wish that we had an ignore button for a few posters- undoubtedly others here feel the same way about me. C'est la vie, to coin a phrase.
Also, to be clear, the Ignore button sought is not poster specific. The Ignore button is a feature available to each forum member to personally ignore (not see posts of and interact with) specific posters. On one forum I had put nearly 25 posters on Ignore before giving up on that forum. Obviously, I do not have nearly that many posters I would like to Ignore here. You can not use the Ignore button to ban a poster. The Ignored and the Ignoring have the same right, except for the Ignoring’s right not to hear from the Ignored.
My point about loss of visibility of threads with financial relevance stuck in OT is my trying to encourage such thread creators not to be cowed by hijackers but in the future create the threads in the regular Discussions categories. Obviously, if the moderator feels the thread belongs in OT, they would let the creator know and the creator should move the thread. This is not about gaming the system but having a healthy forum. IMO, trying to doge hijackers is not healthy for the forum. I do understand thread creators’ desire to avoid having to deal with potential unpleasantness. That is all.
Note the article is behind a paywall. For those who subscribes to Apple News, you can get full access.
https://fortune.com/2024/11/22/donald-trump-economy-trade-tariffs-china-imports-walmart/
Best Buy says Trump's tariffs could drive up prices for electronics
Best Buy CEO Corie Barry said customers will bear the biggest impact of the president-elect's proposed tariffs
https://qz.com/best-buy-q3-2024-trump-tariffs-retail-electronics-1851708483
How can I be wrong?
Frankly, I don't know what Trump will do regarding tariffs.
I merely suggested that he may use tariffs as a negotiation tactic.
Based on your comment, I assume you are in favor of tarrifs?
If so, what is your rationale?
(The Hill) — President-elect Donald Trump warned a bloc of nine nations to forego efforts to adopt a new currency on Saturday by threatening to impose a 100 percent tariff on countries that try to undervalue the U.S. dollar.
His threat was directed at countries in the so-called BRIC alliance, which consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Turkey, Azerbaijan and Malaysia have applied to become members and several other countries have expressed interest in joining.
Watch him paint himself into a corner - then the master negotiator will come undone. The guy has gone bankrupt 7 times, always using OPM. He's still using OPM - US taxpayers. The track record doesn't instill any confidence.
Oh, I don't know. I'm pretty confident that he's an obnoxious, ignorant, brutish bozo.