Farmers and meat producers across the U.S. expect the new tariffs on Mexico, Canada and China and the retaliatory action from those countries to hurt their bottom lines if they stay in place a while.
The president may have been referencing earlier reports that the Japanese automaker was planning to move some production from Mexico to Indiana in response to impending tariffs.
The administration is grappling with the fallout of tariffs beloved by President Donald Trump that could create serious blowback for his political mandate to lower prices.
The tariffs will apply to imports of key U.S. farm products, including chicken, pork, soy and beef.
President Trump indicated that he wants to even the trade imbalance with both countries and push more factories to relocate in the United States.
Trump indicated Wednesday that European countries would also face a 25% tariff as part of his reciprocal tariffs. He also wants separate tariffs on autos, computer chips and pharmaceutical drugs that would be levied in addition to the reciprocal tariffs.
At his confirmation hearing last month, Lutnick dismissed as “nonsense” the idea that tariffs contribute to inflation.
President Donald Trump’s plan increases U.S. tariffs to match the tax rates that other countries charge on imports, possibly triggering a broader economic confrontation with allies and rivals alike.
President Donald Trump is taking additional action to upset the world trade system, with plans to sign an order as soon as Wednesday that would require that U.S. tariffs on imports match the tax rates charged by other countries.
While the leaders of Canada and Mexico managed to strike political deals to delay the implementation of the tariffs Trump had slapped on their products, China has not struck such a deal.
President Trump also reaffirmed that he would announce “reciprocal tariffs”—meaning that the U.S. would impose import duties on products in cases where another country has levied duties on U.S. goods.
IBJ wants to hear your thoughts about tariffs, how President Donald Trump’s proposals are impacting your organization and your story ideas related to trade.
China announced retaliatory tariffs on select American imports just minutes after a sweeping levy on Chinese products imposed by U.S. President Donald Trump took effect.
The decision came just hours after a similar agreement with Mexico.
President Trump on Sunday night returned from Florida and threatened to impose steeper tariffs elsewhere, telling reporters that the import taxes will “definitely happen” with the European Union and possibly with the United Kingdom as well.
The United States now does far more business–exports and imports alike–with both Canada and Mexico than it does with China.
Through House Bill 1489, the state would establish a trade commission with Ireland to strengthen its business relationship with the country and exchange ideas on policy, economic development and infrastructure.
Incoming President Donald Trump’s pledge to impose tariffs on goods from Canada and Mexico has caught the attention of Indiana companies, which stand to experience a significant impact if new or expanded tariffs are imposed.
Southern Glazer’s Wine and Spirits distributes one out of every three bottles of wine and spirits in the U.S. and serves commercial customers such as Total Wine, Costco and Kroger.
In its annual report to Congress released Tuesday, the U.S.-China Economic and Security Review Commission called for the first time for ending permanent normal trade relations with Beijing.
