{"id":1138,"date":"2025-01-23T22:22:53","date_gmt":"2025-01-23T22:22:53","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/trump-threatens-steep-tariffs-against-canada-and-mexico\/"},"modified":"2025-01-23T22:22:53","modified_gmt":"2025-01-23T22:22:53","slug":"trump-threatens-steep-tariffs-against-canada-and-mexico","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/trump-threatens-steep-tariffs-against-canada-and-mexico\/","title":{"rendered":"Trump threatens steep tariffs against Canada and Mexico"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>President Trump is keeping his powder dry, at least for now, in deploying tariffs to advance his administration&#8217;s push to redefine trade relations with other major economies around the world.\u00a0<\/p>\n<p>Mr. Trump, who as president-elect said he could move to apply\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-tariffs-retailers-warn-buy-now-before-price-increase\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">sweeping levies<\/a><\/span>\u00a0on foreign imports on his first day in office, stopped short of imposing so-called universal tariffs or directly targeting China, which he had threatened to hit with 60% duties.\u00a0<\/p>\n<p>Instead, Mr. Trump said Monday that his administration is considering 25% tariffs on Canada and Mexico as soon as Feb. 1 unless they take stronger measures to stop the flow of unauthorized migrants and and illicit drugs flowing into the U.S.<\/p>\n<p>&#8220;We&#8217;re thinking in terms of 25% on Mexico and Canada, because they&#8217;re allowing vast numbers of people \u2014 Canada&#8217;s a very bad abuser also \u2014 vast numbers of people to come in, and fentanyl to come in,&#8221; Mr. Trump said Monday as he signed a <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-energy-emergency-executive-orders-inflation\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">range of executive orders<\/a><\/span> on his first day in office addressing the American economy, immigration, energy policy and other areas.<\/p>\n<p>When asked about his plans for blanket tariffs on U.S. imports, Mr. Trump said they remain a possibility, but &#8220;we&#8217;re not ready for that yet.&#8221; As a candidate during the 2024 presidential campaign, he proposed across-the-board tariffs of 10% to 20% on all U.S. imports.<\/p>\n<p>In his inaugural address Monday, Mr. Trump said that &#8220;instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,&#8221; although he didn&#8217;t offer any specifics.\u00a0<\/p>\n<p>In a\u00a0<a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/01\/america-first-trade-policy\/\" target=\"_blank\" rel=\"nofollow noopener\">memorandum<\/a>\u00a0on Monday, Mr. Trump also called for a review of existing U.S. trade agreements and asked for recommendations on how the U.S. can gain leverage with trading partners.\u00a0<\/p>\n<p>Said Mr. Trump in the memo: &#8220;I am establishing a robust and reinvigorated trade policy that promotes investment and productivity, enhances our nation&#8217;s industrial and technological advantages, defends our economic and national security, and \u2014 above all \u2014 benefits American workers, manufacturers, farmers, ranchers, entrepreneurs and businesses.&#8221;<\/p>\n<h2>Winding road on trade<\/h2>\n<p>Initially, analysts now expect the Trump administration to implement tariffs incrementally. Economists have warned that steep tariffs <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-tariffs-inflation-grocery-store-food-prices\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">could boost inflation<\/a><\/span> and slow economic growth. Mr. Trump has long argued that tariffs deployed during his first term didn&#8217;t boost inflation and that raising costs on foreign imports <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-tariffs-mexico-canada-china-truth-social\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">can help protect U.S. jobs<\/a><\/span>.\u00a0<\/p>\n<p>&#8220;In short, the road to tariff implementation might be less straightforward than a universal tariff baseline might imply, given the potential for moving targets around scope and scale,&#8221; Morgan Stanley analysts said Monday in a report.<\/p>\n<p>But other experts said they still expect the Trump administration to eventually adopt a universal tariff, noting that the new regime is examining whether to create what it calls an External Revenue Service to collect tariff revenue. That suggest the &#8220;administration intends for some tariffs to be permanent,&#8221; Stephen Brown, deputy chief North America economist with Capital Economics, told investors in a research note.\u00a0<\/p>\n<h2>Retaliation risk<\/h2>\n<p>Meanwhile, any actions by the U.S. to subject other countries to new tariffs would likely spur retaliation, experts say. Canadian Prime Minister Justin Trudeau promised a sharp response to any new levies, saying in a news conference in Ottawa on Tuesday that &#8220;everything&#8221; was now on the table,&#8221; according to AFP.\u00a0<\/p>\n<figure class=\"embed embed--type-video embed--type-content_video is-video embed--float-none embed--size-medium \"><figcaption class=\"embed__caption-container\"><a href=\"https:\/\/www.cbsnews.com\/chicago\/video\/president-trump-issues-host-of-executive-orders-after-inauguration\/\" class=\"embed__headline-link\" data-invalid-url-rewritten-http=\"\"><\/p>\n<p>          <span class=\"embed__icon\"><br \/>\n            <svg viewbox=\"0 0 32 32\" aria-hidden=\"true\"><use xlink:href=\"#icon-video\"\/><\/svg><\/span><\/p>\n<p>          <span class=\"embed__headline\">President Trump issues host of executive orders after inauguration<\/span><\/p>\n<p>          <span class=\"embed__video-duration\">03:19<\/span><\/p>\n<p>                      <\/a><\/p>\n<\/figcaption><\/figure>\n<p>In November, Canadian government official said it was exploring <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/tariff-trump-canada-inflation-prices\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">potential retaliatory tariffs<\/a><\/span> on certain U.S. imports after Mr. Trump, then the president-elect, threatened a 25% tariff on all goods from Canada and Mexico.<\/p>\n<p>A 25% U.S. tariff on Canadian imports would likely drive up inflation in Canada and push it into a recession in 2025, according to econmist Michael Davenport Oxford Economics. The country&#8217;s auto, energy and heavy manufacturing industries, which rely on exports to the U.S., would feel the greatest impact since those sectors also depend on components from American suppliers, he noted.\u00a0<\/p>\n<p>The U.S. would also feel the impact of a trade war with Canada, according to experts. Universal tariffs on American products would likely cause a &#8220;shallow&#8221; recession in the U.S., according to Oxford.\u00a0<\/p>\n<p>Canada also supplies roughly 20% of the oil used stateside. As a result, U.S. gas prices could shoot up 30 to 40 cents a gallon, and potentially up to 70 cents, soon after Trump levied tariffs on Canada, Patrick De Haan, head of petroleum analysis at GasBuddy, has told CBS MoneyWatch.<\/p>\n<p>Stephanie Brinley, associate director, AutoIntelligence, at S&amp;P Mobility, expects the Trump administration to eventually put a 10% tariff on all imports from Europe, Japan and other countries besides Canada, China or Mexico. The research firm also forecasts a 30% duty on goods from mainland China.\u00a0<\/p>\n<p>&#8220;We see these tariffs starting from the second quarter and ramping up over the subsequent four quarters,&#8221; she said Tuesday in a report, noting that countries faced with the new U.S. levies are likely to fire back with their own trade sanctions.\u00a0<\/p>\n<p class=\"content__meta--contributors\">\n      <em><\/p>\n<p>                      <span class=\"byline__author__text\">AFP <\/span><\/p>\n<p>        contributed to this report.<br \/>\n      <\/em>\n    <\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n<p><h3 class=\"component__title\">More from CBS News<\/h3>\n<\/p>\n<\/aside>\n<p><!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/megan-cerullo\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Megan Cerullo<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24\/7 to discuss her reporting.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/trump-tariffs-canada-mexico-trade\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Trump is keeping his powder dry, at least for now, in deploying tariffs to advance his administration&#8217;s push to<\/p>\n","protected":false},"author":1,"featured_media":1139,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-1138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trump threatens steep tariffs against Canada and Mexico - World News<\/title>\n<meta name=\"description\" content=\"President Trump opted against deploying a blanket tariff against U.S. trading partners, but kept the heat on Canada and Mexico.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/site.itshrt.com\/worldnews\/trump-threatens-steep-tariffs-against-canada-and-mexico\/\" \/>\n<meta property=\"og:locale\" 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