{"id":3637,"date":"2025-02-03T07:54:03","date_gmt":"2025-02-03T07:54:03","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/trump-tariffs-threaten-to-upend-global-economic-order\/"},"modified":"2025-02-03T07:54:03","modified_gmt":"2025-02-03T07:54:03","slug":"trump-tariffs-threaten-to-upend-global-economic-order","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/trump-tariffs-threaten-to-upend-global-economic-order\/","title":{"rendered":"Trump Tariffs Threaten to Upend Global Economic Order"},"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 data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">President Trump\u2019s move this weekend to slap sweeping tariffs on Canada, Mexico and China is threatening to fracture the global trading system and a world economic order that once revolved around a U.S. economy that prized open investment and free markets.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The speed and scope of the import duties that Mr. Trump unveiled in executive orders on Saturday prompted widespread criticism from many lawmakers, economists and business groups, who assailed the actions as economic malpractice. They warned that the tariffs, which were levied in response to Mr. Trump\u2019s concerns about fentanyl smuggling and illegal immigration, could inflame inflation, cripple American industries and make China an even more powerful global trade hub.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump on Sunday defended the tariffs while acknowledging that there could be some negative consequences.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!),\u201d <a class=\"css-yywogo\" href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/113934450227067577\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">he wrote on social media.<\/a><\/p>\n<p class=\"css-at9mc1 evys1bk0\">The executive orders mean that on Tuesday at 12:01 a.m., all goods imported from Canada and Mexico will be subject to a 25 percent tariff, except Canadian energy products, which will face a 10 percent tariff. All Chinese goods will also face a 10 percent tariff.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Canada and Mexico have vowed to retaliate swiftly with tariffs of their own, and <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/01\/us\/politics\/china-trump-tariffs.html\" title=\"\">China said<\/a> it would pursue unspecified \u201ccountermeasures\u201d to safeguard its interests.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Speaking on NewsNation on Sunday, Mr. Trump\u2019s senior trade adviser, Peter Navarro, said it was unlikely that the tariffs would be stopped at the last minute.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThe magnitude of this particular problem is huge,\u201d Mr. Navarro said, pointing to drugs entering the United States and killing Americans. \u201cIt\u2019s time to stop the carnage.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Although Mr. Trump\u2019s tariffs were clearly telegraphed for months, they were broader than many analysts expected. The president\u2019s top economic aides, including Treasury Secretary Scott Bessent, have defended the use of tariffs, but have suggested that they would be used as a tool for negotiations or that they should be phased in gradually to allow businesses time to adjust.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cThe tariff gun will always be loaded and on the table but rarely discharged,\u201d Mr. Bessent wrote in a letter to partners of his hedge fund Key Square Group last year.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But Mr. Trump did not hesitate to use tariffs as a weapon against America\u2019s largest trading partners, imposing sweeping levies that will hit everything from auto parts to avocados.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Economists said the pain of an escalating trade war could come in the form of slower economic growth and higher prices.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThe resulting surge in U.S. inflation from these tariffs and other future measures is going to come even faster and be larger than we initially expected,\u201d said Paul Ashworth, the senior economist for North America at Capital Economics.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump is using a rarely deployed national security law, known as the International Emergency Economic Powers Act, to legally justify imposing tariffs on countries that have trade agreements with the United States.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">During his first term, Mr. Trump pushed for a rewrite of the North American Free Trade Agreement, which he had criticized as the \u201cworst\u201d trade deal ever, and ultimately signed the United States-Mexico-Canada Agreement. He also reached a trade deal with China that required Beijing to purchase a certain level of products from the United States. Those promises have not been met.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump\u2019s <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/02\/us\/politics\/trump-tariffs-ieepa.html?smid=url-share\" title=\"\">legal rationale<\/a> for the tariffs is likely to be challenged in American courts. It could also dissuade other countries from negotiating trade pacts with the United States out of fear that the president could arbitrarily scrap them by using his emergency powers.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIf the president can with the stroke of a pen and for no good reason completely upend a North American supply chain that has been in place for more than 30 years, why would a foreign government be willing to expend all the political capital needed to enter into a trade agreement?\u201d said Scott Lincicome, the vice president for economics and trade at the Cato Institute, which supports free trade.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Lincicome added that the cloud of uncertainty that the United States was casting over international commerce only stood to benefit China, which Republicans and Democrats largely view as an economic adversary.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-5\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump has already threatened to impose a universal tariff on all imports, along with additional levies on the European Union. Those moves could encourage more countries to deepen economic ties with China. While the tariffs could sting China\u2019s already soft economy, the disruption to the U.S. supply chains and Mr. Trump\u2019s plans to back away from investments in clean energy and electric vehicles could ultimately benefit the world\u2019s second-largest economy.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-6\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cBeijing has long looked for ways to drive wedges between the United States and its allies, and tariffs on America\u2019s closest partners make this much easier,\u201d said Jonas Nahm, a professor at the Johns Hopkins School of Advanced International Studies and a former industrial policy economist in the Biden administration.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Congress, in theory, could try to take action to override the tariffs, but there does not appear to be the political will for such an effort.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Democrats, who also tend to embrace protectionist trade measures, criticized Mr. Trump\u2019s actions as reckless but have little influence because they are in the minority in Congress. Senator Chuck Schumer, Democrat of New York and the minority leader, said that \u201cit would be nice if Donald Trump could start focusing on getting the prices down instead of making them go up.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Most Republican lawmakers, who traditionally have deep concerns about tariffs, were silent or appeared to fall in line with Mr. Trump. Among the few dissenters was Senator Rand Paul, Republican of Kentucky.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-7\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cConservatives once united against new taxes,\u201d Mr. Paul wrote on social media. \u201cTaxing trade will mean less trade and higher prices.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Representative Don Bacon of Nebraska, who represents a district won by Kamala Harris last year and remains one of the most vulnerable Republicans in the House, also voiced skepticism of the policy. He said he was confused about using tariffs to negotiate a better trade deal with Canada.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe already had a trade agreement and it was a good trade agreement,\u201d he said on CNN. \u201cIt\u2019s hard for me to square that circle. We\u2019ll see what the impacts are over the next couple of weeks, maybe it\u2019s a chance to maybe rethink we\u2019re at that point.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Bacon did not criticize Mr. Trump outright, but he tried to offer some carefully worded advice. \u201cI would suggest focusing on China and Russia,\u201d he said.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-8\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The pushback from major industry groups that have been bracing for the tariffs has been less restrained. U.S. spirits, cars and farm products are all ripe targets for retaliation from Canada, Mexico and China, and retaliatory tariffs could deal a blow to the U.S. economy.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Big lobbying groups urged the Trump administration to consider other ways to address border and fentanyl concerns and warned that tariffs would only harm American workers and businesses.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cUltimately, manufacturers will bear the brunt of these tariffs, undermining our ability to sell our products at a competitive price and putting American jobs at risk,\u201d said Jay Timmons, president and chief executive of the National Association of Manufacturers.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Representatives for agricultural interests, which were among the hardest hit during the trade wars in Mr. Trump\u2019s first term, warned on Sunday that Mr. Trump had put the sector in a \u201ctough spot.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cFarm and ranch families answer the call to feed America\u2019s families and the world, and the tariffs and promised retaliation will put further stress on their livelihoods,\u201d said Zippy Duvall, president of the American Farm Bureau Federation.<\/p>\n<p class=\"css-798hid etfikam0\">Annie Karni<!-- --> contributed reporting.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/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.nytimes.com\/2025\/02\/02\/us\/politics\/trump-tariffs-global-economic-order.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Trump\u2019s move this weekend to slap sweeping tariffs on Canada, Mexico and China is threatening to fracture the global<\/p>\n","protected":false},"author":1,"featured_media":3638,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[1561,754,239,900,114,151,569,286,338,413,1443,880,1444,751,203,708,113,1332,111],"class_list":["post-3637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-bessent","tag-canada","tag-customs-tariff","tag-democratic-party","tag-donald-j","tag-europe","tag-european-union","tag-immigration-and-emigration","tag-international-trade-and-world-market","tag-mexico","tag-navarro","tag-north-america","tag-peter","tag-protectionism-trade","tag-republican-party","tag-scott","tag-trump","tag-united-states-economy","tag-united-states-politics-and-government"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trump Tariffs Threaten to Upend Global Economic Order 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