US President Donald Trump is set to impose tariffs on major trading partners Canada, Mexico and China, threatening supply chain disruptions and raising inflation concerns. Trump cited illegal immigration and fentanyl flow as reasons for tariffs on Canada and Mexico, while blaming China for drug production. The tariffs risk dampening consumer spending and business investment, with economists predicting inflation increases. Trump supporters argue that his policy plans involving tax cuts and deregulation could offset the impact. Canadian and Mexican officials have vowed to retaliate if Trump proceeds with the tariffs.
WASHINGTON - US President Donald Trump is set to unveil fresh tariffs Saturday on major trading partners Canada , Mexico and China, threatening upheaval across supply chains from energy to autos and raising inflation concerns.
The United States runs"big deficits" with all three countries too -- and this is another issue the president has honed in on. He expects inflation would rise by 0.7 percentage points in the first quarter this year with the tariffs, before gradually easing. Canada and Mexico are major suppliers of US agricultural products, with imports totalling tens of billions of dollars from each country in a year.
"We should be focused on going hard against competitors who rig the game, like China, rather than attacking our allies," Schumer said in a statement.
TRADE WARS TARIFFS INFLATION CANADA MEXICO CHINA
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