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.

  • fine_sandy_bottom@discuss.tchncs.deEnglish
    4·
    6 hours ago

    I’m morbidly fascinated to see how all of this shakes out.

    Everyone on the left is saying it’s a terrible idea with very predictable and deleterious consequences.

    Trump seems to think it’s as great as it sounds at face value - tax things that sound bad and get money.

    Either way it will be a feature of economics text books for centuries to come.

    Obviously I want to see Trump fail spectacularly, but it fucking sucks that would harm those of us who can least afford it.

    If you went shopping last week and half value of your purchases originated in Canada or Mexico, then will the same purchases next week cost 12.5% more ? That’s pretty staggering inflation

    • ceiphas@lemmy.worldEnglish
      1·
      3 hours ago

      Obviously I want to see Trump fail spectacularly, but it fucking sucks that would harm those of us who can least afford it.

      I thought that was the plan…

    • kava@lemmy.worldEnglish
      1·
      4 hours ago

      i come from a tariff heavy country. you want a sneak peak? inflation. shit is gonna get more expensive. that’s it

      • Doomsider@lemmy.worldEnglish
        1·
        3 hours ago

        No no no he is going to stop all taxes, pay off the national debt, bring manufacturing back to the US, and build a Nazi mars base for Elon.