I want to make this a separate thread because it has the potential to be a big thing, plus it covers more than just the Trump Presidency since it's a Canadian (and potentially Mexico/EU/etc) thing as well.
What are Tariffs?
www.cbsnews.com
"At the simplest level, tariffs are taxes placed on goods made overseas that are imported into the country. Notably, foreign companies aren't responsible for paying the duties. Instead, U.S. businesses directly pay the tariffs on their imported goods to the federal government,"
Are they a good thing?
lol no. "Mr. Trump's tariffs would sharply push the current effective U.S. tariff rate from 2.4% to 31%. That would be a historic high". The companies who are forced to pay the tariffs will pass the costs on to us.
What tariffs have the US announced so far?
25% on Canada and Mexico and 10% on China. He's also threatened the EU.
The response?
www.bbc.com
"Prime Minister Justin Trudeau set out "far-reaching" tariffs of 25%, affecting 155bn Canadian dollars' worth ($106.6bn; £86bn) of American goods ranging from beer and wine, to household appliances and sporting goods."
Multiple provinces have also announced their own actions, such as BC removing all "red state" booze from government liquor store and stopping all future government purchases of US goods.
financialpost.com
Mexico hasn't announced specifics yet but is pledging it's own counter-tariffs.
What are Tariffs?
What are tariffs? Here's everything you need to know about the import duties.
President Trump is an avowed supporter of tariffs, but many experts say such trade measures can boost inflation.
www.cbsnews.com
Are they a good thing?
lol no. "Mr. Trump's tariffs would sharply push the current effective U.S. tariff rate from 2.4% to 31%. That would be a historic high". The companies who are forced to pay the tariffs will pass the costs on to us.
What tariffs have the US announced so far?
25% on Canada and Mexico and 10% on China. He's also threatened the EU.
The response?
Canada tariffs: Trudeau hits back against Trump with 25% levy
Canada announces retaliatory tariffs against the US, in a move that is likely to be costly for both nations.
www.bbc.com
Multiple provinces have also announced their own actions, such as BC removing all "red state" booze from government liquor store and stopping all future government purchases of US goods.
Mexico Pledges Tariffs on US While Calling for Cooperation
Mexico’s President Claudia Sheinbaum is readying counter-tariffs against the US after President Donald Trump promised 25% levies that could send her nation’s econom…
financialpost.com
Mexico hasn't announced specifics yet but is pledging it's own counter-tariffs.
