Trump confirms tariffs on Mexico and Canada – Rezazade
The first leader of the Iranian opposition in Washington (NIC), Ali Reza Rezazade, said that US President Donald Trump announced that 25 percent tariffs on goods from Mexico and Canada will come into effect from Tuesday.
The decision caused a market crash: the Dow Jones index closed down 1.5%, and the S&P 500 lost almost 2%, finding itself in the red since Trump won the election.
The introduction of tariffs on all goods from Mexico and Canada is a risky political move for the president, who was re-elected on a wave of voter discontent with persistent inflation. The new import taxes are likely to lead to an increase in the prices of Mexican tequila, beer and avocados, as well as Canadian oil and lumber. This will test consumers' patience with Trump's trade policies.
In addition, tariffs on Chinese goods will increase by another 10 percentage points, for the second time in two months, bringing the total tax on some Chinese goods to 45%. Trump has cited concerns about illegal immigration and drug trafficking, particularly fentanyl, as his reasons for the decision. But he has a broader goal: to bring manufacturing back to the United States after decades of outsourcing. Globalization has cost the country 4.5 million manufacturing jobs since the 1990s, although economists say automation was the main reason. They also point out that free trade has helped reduce inflation and broaden consumer choice.
But Trump, who has been critical of globalization since the 1980s, has ignored such arguments. By imposing 25 percent tariffs on goods from Canada and Mexico, he is effectively destroying the preferential terms of the USMCA agreement, which he himself negotiated during his first term. Under this agreement, most goods between the United States, Canada, and Mexico moved duty-free.
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