There’ve been some twists and turns in the ‘Trump tariffs’ saga.
U.S. President Donald Trump is using the threat of import taxes as a bargaining chip. But will his gamble pay off? CGTN’s Michael Marillier looks at the data.
#tariffs #usa #canada #mexico #china
U.S. President Donald Trump is using the threat of import taxes as a bargaining chip. But will his gamble pay off? CGTN’s Michael Marillier looks at the data.
#tariffs #usa #canada #mexico #china
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NewsTranscript
00:00The so-called Trump tariffs made headlines around the world, but the U.S. has gone back
00:06and forth on its threats over the past week.
00:10So where do we stand right now?
00:13Well President Donald Trump called for a 25 percent tariff on goods from Mexico, but Mexican
00:19President Claudia Sheinbaum has now agreed to bolster border security.
00:24Trump has suggested that he may not impose tariffs if Mexico does more to stop illegal
00:30migration.
00:31So, the tariffs are suspended for a month while Mexico implements its plan.
00:37Then there's Canada.
00:39Trump approved a general tariff of 25 percent on most goods and a 10 percent tariff on energy
00:45products like oil.
00:47But again, Trump suspended those tariffs for a month.
00:51The reason?
00:52Canada's Prime Minister Justin Trudeau said he would move ahead with a plan to spend a
00:56billion dollars on border security.
00:59He also promised to appoint a special team to curb the flow of drugs into the U.S.
01:05And what about China?
01:07Well Trump said during his election campaign that tariffs could be as high as 60 percent.
01:12Instead he's added 10 percent on top of existing tariffs.
01:17That means many Chinese products will come with a tariff of at least 20 percent.
01:23Now here's where things get tricky.
01:25In 2023, imports from Mexico were worth $480 billion.
01:31That same year, the U.S. spent $429 billion on goods from Canada and just under $450 billion
01:39on products from China.
01:42Add it all up and that's more than $1.3 trillion.
01:46In fact, 45 percent of America's imports came from those three countries.
01:52Trump is clearly using tariffs as a bargaining chip.
01:56But if he plays the tariff card, it could prove costly.
02:00Economists say tariffs will push up inflation, making life more expensive for consumers in
02:05the U.S.
02:07So it seems there's a price to pay.
02:10And it's the American public who will foot the bill.