Self-inflicted wounds...
Trump slaps tariffs on Canada, Mexico, China, risking higher prices for U.S. consumers
The new levies on America’s top trade partners could drive prices higher for cars, electronics, lumber and more, threatening to crimp an economy that the president has vowed to improve.
"This is a beautiful, beautiful example of promises made, promises kept by President Trump," said the senior administration official.
But economists have found the tariffs Trump imposed on China during his first term did little to accomplish those goals. Instead, they drove up prices for many imports, led to a net loss of manufacturing
jobs and reduced
corporate investments. Nearly all the revenue collected from Trump’s previous tariffs on China went to
payments he sent to American farmers to offset their losses from tariffs China imposed in response. The levies also didn’t generate significant concessions from Beijing, which has failed to meet many of its commitments under a trade deal negotiated during Trump’s first term.
The United Steelworkers International, which has pushed for trade reforms to protect U.S. steel workers, warned that the sweeping tariffs could have a negative impact on workers.
"These tariffs don’t just hurt Canada. They threaten the stability of industries on both sides of the border," said David McCall, president of the United Steelworkers International.
The new levies on America’s top trade partners could drive prices higher for cars, electronics, lumber and more, threatening to crimp an economy that the president has vowed to improve.
www.nbcnews.com