(Image source from: REUTERS)
President-elect Donald Trump announced plans to impose tariffs on goods from Mexico, Canada, and China. He intends to implement a 25% tariff on products from Mexico and Canada, and a 10% tariff on imports from China. Trump cited the illegal drug trade and immigration as the reasons for these tariff increases. He stated that these tariffs will be among his first executive orders after taking office on January 20th.
The tariffs are mainly paid by importers bringing goods into the US, who frequently pass these costs on to consumers. However, those close to Trump have claimed that the tariffs are a valuable negotiating tool for the US to use in pressuring its trading partners to accept more favorable terms and to bring manufacturing jobs back from other countries.
