It could be a big week for the markets, with tariffs on the horizon. President Trump’s plan takes effect tomorrow after several delays along the way.
More than a dozen trade partners are set to get hit with reciprocal tariffs this week, and that includes Canada, Mexico, and China, which made up nearly 90 percent of U.S. imports last year.
Retaliation has already started in places like Canada, and some officials are urging Canadians to cut off American suppliers. Former USDA Undersecretary for Trade, Alexis Taylor, says longstanding trade relationships are on the line.
“We are hearing it from some of our members when they are talking to their buyers, say in Canada. Obviously, we all hear about what’s going on in Canada and the mood, some of it just anger that they’re feeling toward the United States right now—their move as consumers to not buy American, to look for different suppliers.”
Others believe tariffs will work in our favor, however. Speaking from the Oval Office earlier this month, President Trump’s Economic team said they just want trade to be fair. Other lawmakers believe tariffs are a useful tool. North Carolina Representative Ted Budd says other countries have been taking advantage of us for years and is urging the government to take quick action.
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