Author: Alan Rappeport
Published on: 02/02/2025 | 00:00:00

AI Summary:
President Trump’s move this weekend to slap sweeping tariffs on Canada, Mexico and China is threatening to fracture the global trading system. The speed and scope of the import duties that Mr. Trump unveiled in executive orders on Saturday prompted widespread criticism from lawmakers, economists and business groups. Mr Trump on Sunday defended the tariffs while acknowledging that there could be some negative consequences. Mr. Trump’s tariffs were clearly telegraphed for months, but they were broader than many analysts expected. The president’s top economic aides have defended the use of tariffs, but have suggested that they would be used as a tool for negotiations or that they should be phased in gradually to allow businesses time to adjust. Economists said pain of an escalating trade war could come in the form of slower economic growth and higher prices. Trump has already threatened to impose a universal tariff on all imports, along with additional levies on the European Union. Those moves could encourage more countries to deepen economic ties with China. Democrats criticized Mr. Trump’s actions as reckless but have little influence. Senator Chuck Schumer: “it would be nice if Donald Trump could start focusing on getting the prices down instead of making them go up” Most Republican lawmakers were silent or appeared to fall in line with Mr. Trump. Representative Don Bacon of Nebraska also voiced skepticism of the policy. He said he was confused about using tariffs to negotiate a better trade deal with Canada. Big lobbying groups urge the Trump administration to consider other ways to address border and fentanyl concerns. Manufacturers will bear the brunt of these tariffs, undermining our ability to sell our products at a competitive price and putting American jobs at risk. Representatives for agricultural interests warned Mr. Trump had put the sector in a “tough spot” Trump’s order that all federal climate spending be paused is paralyzing federal agencies, causing confusion in states and cities, delaying construction projects and forcing some companies to furlough workers.

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