President Donald Trump defended his new tariffs on Canada and Mexico in a primetime address. He acknowledged potential short-term economic disruptions but insisted they would ultimately benefit the U.S. economy. His comments followed a sharp stock market decline for the second consecutive day as the tariffs took effect. Most economists warn that tariffs — taxes on imports that are paid by the importers — will end up raising prices for consumers. But Trump has long asserted that tariffs are paid for by other countries, and he has touted them as a key tool for gaining leverage in negotiations. Trump dismissed concerns about consumer price hikes, arguing tariffs would make America rich again.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Donald Trump defended his new tariffs on Canada and Mexico in a prime time address.
00:07He acknowledged potential short-term economic disruptions, but insisting they would ultimately
00:11benefit the U.S. economy. His comments followed a sharp stock market decline from the second
00:16consecutive day as the tariffs took effect. Most economists worry that tariffs, taxes on imports
00:21that are paid by the importers, wind up raising prices for consumers. Trump has long asserted
00:26that tariffs are paid for by other countries, and he has touted them as a key tool for gaining
00:31leverage in negotiations. Trump dismissed concerns about consumer price hikes, arguing tariffs would
00:36make America rich again. For all things money, visit Benzinga.com slash GSTV.