President-elect Donald Trump announced plans to impose significant tariffs on imports from China, Mexico, and Canada immediately upon taking office in January. The post, written on his Truth Social platform, revealed a 25% tariff on all goods from Mexico and Canada, linking the measure to his campaign against illegal immigration and drug trafficking.
There he writes: 'On January 20, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders. This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!'
Photo: Dreamstime.
In a separate post, Trump announced a 10% tariff on all Chinese imports: 'I have had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States – But to no avail. Representatives of China told me that they would institute their maximum penalty, that of death, for any drug dealers caught doing this but, unfortunately, they never followed through, and drugs are pouring into our Country, mostly through Mexico, at levels never seen before. Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States.'
Economists and retail groups, including the National Retail Federation, expressed concern that the tariffs could drive up inflation and strain American consumers.
Together, China, Canada, and Mexico account for over one-third of all U.S. imports and exports. In 2023, these nations purchased more than $1 trillion in U.S. exports and shipped nearly $1.5 trillion in goods to the U.S..
The furniture industry stands to be significantly impacted. China alone has exported $4.6 billion in furniture to the U.S. this year, while Mexico and Canada contributed $1.4 billion and $1.1 billion.
Domestic manufacturers have shown cautious optimism, viewing the tariffs as a potential boost for U.S.-made products. However, the long-term implications on trade relationships and supply chains remain uncertain.
Source: www.homeaccentstoday.com