Trump’s New Tariffs on Canada, Mexico, and China Trigger Trade War and Economic Concerns

The U.S. imposes sweeping import taxes on key trading partners, prompting retaliatory measures and fears of inflation and economic slowdown.

• The U.S. enacted 25% tariffs on imports from Canada and Mexico and increased duties on some Chinese goods, marking the highest tariff levels since the 1940s.
• Canada, Mexico, and China announced retaliatory tariffs, escalating tensions and raising concerns about the global trade landscape.
• Experts warn the tariffs could slow U.S. economic growth by over 1 percentage point and increase inflation by 0.6 percentage points within a year if sustained.
• American businesses, including automakers and small enterprises, face rising costs and uncertainty, with potential profit losses and higher consumer prices on goods like cars, food, and steel.
• Commerce Secretary Howard Lutnick suggested a possible compromise with Canada and Mexico could be announced soon, though no pause on tariffs is expected.

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