President Trump's recent executive orders have initiated a global trade war, imposing significant tariffs of 25% on imports from Canada and Mexico and 10% on goods from China. This action, aimed at combatting illegal immigration and drug flow, could raise consumer prices on a variety of products. Canadian crude oil receives a 10% tariff to alleviate impacts on U.S. gas prices, especially for Midwestern refineries. Businesses are already preparing for higher costs, leading to a notable rise in imports and personal spending before tariffs take effect.
"We are prepared to mitigate near-term impacts," said CEO Mary Barra, reflecting ongoing uncertainty as the trade landscape shifts and businesses prepare for potential consequences.
Trump’s tariffs on imports from Canada and Mexico aim to tackle the flow of illegal drugs and immigration, expected to raise prices for numerous products.
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