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Expect for Trump to get spooked quickly when prices rise precipitously after all the guy was elected on the promise of lowering prices.
Mexican President Claudia Sheinbaum has already responded, saying that her government sought dialogue rather than confrontation, but that Mexico will be forced to respond with tariffs of their own. It should be noted that Mexico has overtaken China as America's leading trading partner.
"I've instructed my economy minister to implement the plan B we've been working on, which includes tariff and non-tariff measures in defense of Mexico's interest," Sheinbaum stated.
Reportedly, Mexico is preparing retaliatory tariffs of 5% to 20% on pork, cheese, fresh produce, steel and aluminum.
Prime Minister Justin Trudeau has responded by implementing a 25% tariff on $155B in goods shipped from the U.S. to Canada with more penalties on the way.
The Canadian leader said tariffs would include American beer, wine and bourbon, as well as fruits and fruit juices, including orange juice from Trump's home state of Florida. Canada would also target goods including clothing, sports equipment and household appliances.
Consumers will quickly learn that Trump has simply been lying about tariffs in claiming that other countries paid for them. No, boys and girls, we will pay for these tariffs with higher prices.
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Only a country that is in distress behaves likes the USA. Punishing their neighbors but not solving their own problems. For example, American companies leave the USA to make more money in other countries and they will never come back to the USA. The American companies in Mexico are exiting the country after these high tariffs are imposed, but they are not coming back to the USA, they are going to other countries to continue making more money. Trump is the one that gives permission to companies to go abroad. Why? The owners of the companies are his friends.
ReplyDeleteCanada sells gasoline, oil, cars to the USA. Lumber too.
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