Substantial tariff hikes for goods from Canada, Mexico and China went into effect at midnight on Tuesday, and China has already reciprocated, as the threats underpinning U.S. President Donald Trump’s trade policy reached their deadline on March 4.
Canada and Mexico now have 25 percent tariffs imposed on their goods (though it’s only ten percent for Canadian energy), and the tariff on Chinese goods was increased on Monday from ten to 20 percent. Beijing has already retaliated with a 15 percent tariff on U.S. agricultural imports, early reports indicate.
Canadian Prime Minister Justin Trudeau has pledged reciprocal tariffs on U.S. goods over the next three weeks.
“It’s a very powerful weapon that politicians haven’t used because they were either dishonest, stupid or paid off in some other form,” President Trump said Monday. “And now we’re using them.”
Maine’s congressional delegation expressed concern on Monday, specifically with regard to Canadian tariffs. In a joint statements, U.S. Senators Susan Collins (R) and Angus King (I) and U.S. Representative Chellie Pingree (D) said:
“Small businesses and families in Maine and across the country will be caught in the middle during a time when so many are struggling to put food on the table and keep the lights on. Ultimately, it is our hope that the Trump administration is able to work collaboratively with Canada to address issues of shared concern and foster economic cooperation, rather than engage in a tit-for-tat trade war.”
Asian markets have already shown signs of volatility, closing on Tuesday with losses while oil has also shown a dip in trading on Tuesday. Bitcoin plunged 10 percent on Monday.
<span class="dsq-postid" data-dsqidentifier="36182 https://www.themainewire.com/?p=36182">10 Comments
Let it play out, Trump has been right so far.
Investors might find some comfort in looking at a 2020 chart for the US stock market. In March most 2020 stock prices plummeted due to worries about the unfolding Covid-19 pandemic. Democrats and Legacy Media still point to the losses incurred then – however by year’s end stocks not only recovered but many reached new highs.
At midnight, all power from Hydro-Quebec to Massachusetts stopped, but 7 hours later returned. Boston must have been getting nervous
If it stopes the killing of our children I will gladly pay it!
largest transfer of wealth to the top 1% in human history occured during the first trump admin… will the trade war beat that?… how does trumps actions not words coincide with the new world order plans for 2030…..we are sol folks!!
Of course that’s bull. The largest transfer of wealth was during covid to pharmaceutical companies. You guys need a new lie that ones about worn out. Besides during the first admin my taxes went down 15%. If the same happened to the top 1%, you know the same guys who pay 80+% of all collected taxes I say so be it.
Good thing the last administration has been preparing me for higher prices with their 40% inflation. Sure prices may go up a little while before the bad neighbors fold but at least its for something good in the long run. With biden you got high costs with no return, other than widely available drugs, open borders and usaid money laundering.
The stock market has been way, way over bought and is need of a correction. The perfect buy opportunity is right around the corner.
Now ya all have to forgive me if I’m confused on this transfer of wealth thing cuz I’m a product of the maine schooln system but I also remember my taxes going down during the first trump party so if that’s wealth transfer please give me some more of that shit.
Time to start planning for a Victory Garden. Fresh veggiies may be in short supply come spring.