Tag Archives: trade wars

The Guardian reports: Donald Trump’s commerce secretary, Howard Lutnick, said on Sunday that US tariffs on Canada and Mexico will go into effect on Tuesday, but the president would determine whether to stick with the planned 25% level. “That is a fluid situation,” Lutnick said. “There are going to be tariffs on Tuesday on Mexico and Canada. Exactly what they are, …

Politico Europe reports: The European Union said on Thursday it was ready to deploy its strongest trade weapon against the U.S. after President Donald Trump threatened to impose sweeping tariffs and scorned the EU as having been created to “screw” America. “We have an Anti-Coercion Instrument, and we will have to use it,” Agriculture Commissioner Christophe Hansen said in Paris …

Reuters reports: Trump told reporters at his Mar-a-Lago estate in Florida on Tuesday that sectoral tariffs on pharmaceuticals and semiconductor chips would also start at “25% or higher”, rising substantially over the course of a year. He did not provide a date for announcing those duties and said he wanted to provide some time for drug and chip makers to set …

“We will bear any burden and pay any price to protect the sovereignty and independence of our country. We are slow to anger and quick to forgive. But never confuse our kindness for weakness. We are mild-mannered and made of steel. Carry out the unprovoked attack on our economy and your consumers will pay more and your workers will make …

The New York Times reports: President Trump said on Friday that he planned to move forward with tariffs on foreign cars on April 2, but did not specify how much the tariffs would be or which nations could be targeted. Automakers have been bracing for the impact of tariffs and have forecast significant job losses. Asked about when he might …

The New York Times reports: President Trump signed a memorandum on Thursday ordering his advisers to calculate new tariff levels for other countries globally, an ambitious task that will shatter the rules of the global trading system and likely set off furious negotiations in the coming months. The president directed his advisers to come up with new tariff levels that take …

McConnell writes for the Louisville Courier-Journal: But no matter our best intentions, tariffs are bad policy. As Sen. Rand Paul, put it: “Tariffs are simply taxes… Taxing trade will mean less trade and higher prices.” So Republicans ought to be clear-eyed about the full, unadulterated impact of tariffs as we work to restore sound fiscal policy to our government. Blanket …

Axios reports: President Trump’s early tariff moves have one thing in common: No matter the target, they all threaten to “blow a hole” in the auto industry, Ford CEO Jim Farley said Tuesday. “So far what we’re seeing is a lot of costs and a lot of chaos,” Farley said at a Wolfe Research conference on Tuesday.”Let’s be real honest …

From the Wall Street Journal editorial board: President Trump gave the economy another jolt of uncertainty on Monday when he signed executive orders imposing 25% tariffs on all steel and aluminum imports. His advisers say these tariffs are economically “strategic” rather than a bargaining chip for some other goal. Is the strategy to harm U.S. manufacturers and workers? That’s what …

Reuters reports: U.S. President Donald Trump said on Sunday that he will announce on Monday 25% tariffs on all steel and aluminum imports into the U.S., another major escalation in his trade policy overhaul. Trump, speaking to reporters on Air Force One, also said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately. Trump during …

The Associated Press reports: Americans are likely to pay more for products from popular Chinese e-commerce platforms like Shein and Temu as the U.S. Postal Service said it would stop accepting parcels from China and Hong Kong. The move was announced Tuesday, coming after the U.S. imposed an additional 10% tariff on Chinese goods and ended a customs exception that …

“What’s funny to me as an economist, Sandra, is if you go back to 2018, 2019, when the president, President Trump imposed historic tariffs on China: steel and aluminum, solar, dishwashers, other products. Those very same people, whether they’re on the Hill, or whether they’re in think tanks, or whether they’re in the ivory tower, or whether they’re on the …

CNBC reports: China unveiled a series of retaliatory measures against the U.S. on Tuesday, shortly after U.S. tariffs on Chinese goods took effect, raising concerns of a broader trade war between the world’s two largest economies. China’s finance ministry said Tuesday it will impose additional tariffs of 15% on coal and liquified natural gas imports from the U.S. and 10% …

The CBC reports: Prime Minister Justin Trudeau said Monday that U.S. President Donald Trump will hold off on levying tariffs on Canada for at least 30 days. “Proposed tariffs will be paused for at least 30 days while we work together,” Trudeau posted on X.  Trudeau said that Canada committed to taking new measures to secure its border with the …

“It’s gonna hurt Americans, American companies, American exporters. It will hurt American consumers long term. Sometimes you can use trade to try to get your trading partners to do something they ordinarily wouldn’t do or sometimes to raise revenue. “But in general, tariffs are a tax. When you have something, you get less of it. So you probably get fewer …

Politico reports: Canada’s retaliatory tariffs will target Republican states and Donald Trump allies. There are 1,256 items in the first tranche of tariffs that will come into force on Tuesday. The list includes oranges and fruit from Florida, home to Trump’s Mar-a-Lago resort; household appliances from South Carolina and Ohio, states to Sen. Lindsey Graham (R-S.C.) and Vice President J.D. …

The New York Times reports: Asian and European stock markets dropped on Monday as the global fallout from President Trump’s decision to impose tariffs on Mexico, Canada and China began. In the United States, shares were poised to open lower. Japan’s Nikkei 225 index and South Korea’s Kospi each fell more than 2.5 percent. The Taiwan Stock Exchange weighted index …

“Canada has been very abusive of the United States for many years. They don’t allow our banks. And you know that Canada does not allow banks to go in, if you think about it. That’s pretty amazing. “If we have a U.S. bank, they don’t allow them to go in. Canada has been very tough for oil on energy. They …

The CBC reports: On Saturday, B.C. Premier David Eby said he has directed the B.C. Liquor Distribution Branch to stop purchasing American liquor immediately from Republican-led “red states” and remove the top-selling brands from public liquor store shelves. He also directed the B.C. government and Crown corporations on Saturday to buy Canadian goods and services over American ones. “The Americans …

“I would say the risks are worth it. With respect to Canada, it is about making sure that they do their job on their side of the border to help secure the northern border that Joe Biden left wide open during his last four years. And if they’re not going to do it out of the kindness of their hearts, …