- cross-posted to:
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- cross-posted to:
- [email protected]
Summary
Trump announced that 25% tariffs on imports from Canada and Mexico will take effect on February 1, though a decision on including oil remains pending.
He justified the move by citing undocumented migration, fentanyl trafficking, and trade deficits.
Trump also hinted at new tariffs on China.
Canada and Mexico plan retaliatory measures while seeking to address U.S. concerns.
If oil imports are taxed, it could raise costs for businesses and consumers, potentially contradicting Trump’s pledge to reduce living expenses.
I think the problem is that these tariffs are, for the most part, untargeted. They aren’t a “tax” on “specific imports”. They’re a blanket tax on all imports from many countries.
I thought it was targetted but again in California its all items sold are taxed and some at a higher rate.