Donald Trump says he will sign executive order imposting 25% tariff on products coming into the US from Mexico and Canada with additional tariff for ChinaTrump’s threatened new tariffs could violate the terms of the US-Mexico-Canada Agreement (USMCA) on trade, Reuters report. The deal, which Trump signed into law, took effect in 2020 and continued the largely duty-free trade between the three countries.During the rancorous talks leading to the USMCA, Canada and the United States at one point imposed sanctions on each others’ products. Trump will have the opportunity to renegotiate the agreement in 2026, when a “sunset” provision will force either a withdrawal or talks on changes to the pact.“President-elect Donald Trump has promised to implement sweeping new tariffs aimed at protecting American industries, promoting domestic manufacturing, and reducing reliance on foreign imports.“However, tariffs imposed during the first Trump term – and continued and extended under Biden – did not achieve all of the promised outcomes. Furthermore, our research shows that if the new tariffs are fully passed on, they could increase inflation and cost American consumers up to $2,400 per capita annually. Continue reading…
Source link : https://www.theguardian.com/us-news/live/2024/nov/26/donald-trump-president-us-trade-tariffs-china-mexico-canada-latest-politics-news
Author : Tom Bryant
Publish date : 2024-11-26 11:11:54
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Beijing warns US ‘nobody will win in a trade war’ after Trump vows to impose tariffs on China, Mexico and Canada – US politics live
