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It's not just American consumers who will feel the impact of tariffs — the tariffs will be costly to American businesses, too. Most will try to pass the cost of the tax on to consumers but many will likely have to absorb some of the cost themselves. And businesses have also been operating in a state of limbo, unsure of when or whether the import taxes would take hold.
"Customers are pausing on new orders as a result of uncertainty regarding tariffs," one factory manager told the Institute for Supply Management for its monthly survey on manufacturing conditions.
Randy Carr runs a business based in Ft. Lauderdale that makes embroidered emblems for sports teams and work uniforms. Much of the manufacturing is done in Mexico. Carr said he'll try to pass the new import tax along to customers by raising prices, but assumes he'll have to bear some of the cost himself. As a result, he's temporarily halted investment at his factories in Texas and Georgia. "We have a plan to deal with it, but honestly it's punitive to my staff and the growth of the business, because it's just another form of a tax," Carr said.
Canada and China swiftly responded with tariffs of their own on U.S. exports. Mexico promised to do the same in the coming days. Those tariffs could hurt American producers. China, for example, imposed retaliatory tariffs on products including corn, cotton, soybeans and pork.
Bob Hemesath, who raises corn and hogs in Decorah, Iowa, worries about the potential fallout for rural communities across the country: "There's a lot of jobs associated with agriculture and agricultural trade," he said. "Once you lose those export markets, it's awful hard to get them back." A trade war during Trump's first term in office hit agricultural exports so hard, the federal government ended up making farm relief payments of more than $60 billion — much of the money brought in by tariffs on imports from China. Trump's new tariffs could also drive up the cost of potash fertilizer, much of which comes from Canada.
The U.S. Chamber of Commerce — which has welcomed much of Trump's pro-business agenda — urged the administration to backtrack quickly on the trade war: "Tariffs will only raise prices and increase the economic pain being felt by everyday Americans across the country," Neil Bradly, the chamber's chief policy officer, said in a statement. "We urge reconsideration of this policy and a swift end to these tariffs."
Meanwhile, stocks tumbled Tuesday, with the Dow Jones Industrial Average falling nearly 600 points as of midday. That followed a 650 point drop on Monday, after Trump said there was "no room left" for a deal to avoid the tariffs.
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Comments
https://www.bnnbloomberg.ca/business/2025/03/04/lutnick-says-trump-considering-some-mexico-canada-tariff-relief/
All fluff, no substance.
I welcome the opportunity to buy quality shares in a mini- (or bigger-) panic. I've heard of people who "bough high and sold low". They didn't seem to enjoy the experience. Selloffs are an opportunity.
Nattering nabobs with their hair on fire screaming the sky is falling good for a laugh. Kinda like Dem congresspeople self-identifying as "False" during Trump's speech.
Even the Orange blob himself admits tough times ahead. But what does he care.
Seek help.
But you have a point - he should seek help. Lots of it. Kind of hypocritical if your party leads with this, but we are used to that.
To your point.
I'm not registered to any party. So you are assuming facts not in evidence, and are wrong, objectively in that assumption.
I've always found Trump's rhetorical name-calling grating. I object to his rhetorical style. So no hypocrisy there... Although you seem to object to his grating rhetorical, while defending the analagous rhetorical style if it suits you. So who owns the hypocrisy here?
And nobody buys your deflection away from Russian influence. Do you not find it odd that the US suspended Russian offensive cyber operations this week?
Our national security is at risk more than ever. We can trust Putin? I can't even take Dump seriously.
This is not normal.
Go back to your Fox News, Edmond.
No. and no. Is it still winter, because I am seeing snowflakes here...
As for foreign interference in our political/election processes, Israel is far more invasive in US politics than all other countries. It own Congress (both parties), and most presidents beginning with LBJ. Their influence has dragged us into most of the wars in SW Asia. Yet no criticism of that foreign influence. Without discussion of Israel's undue influence, I find the whole "Russia, Russia, Russia" thing unserious
instead of feeding the troll, let's find common ground.
we are equally amused at the heap of pain on lower income MAGA, despite no chance they are capable of attributing any of it to the gop or trump (as shown by trump re-election...where are all their riches from trump 1.0 ?)
hell, it only took $2b in fanboy losses for trump to make $100m of fees in his crypto scam ! time to scale up bigly.