US President Donald Trump’s decision to impose tariffs on the country’s three largest trading partners – Canada, Mexico, and China – has sent shockwaves across the global economy. Starting on Saturday, the White House plans to implement a 25 percent tax on imports from Canada and Mexico, and a 10 percent tax on goods from China. Trump’s administration has also threatened the EU with similar measures, although a timeline has not been specified.
The move, according to the White House, is aimed at boosting local manufacturing in the US and pressuring its neighbors to address issues related to immigration and drug trafficking. However, both Canada and Mexico have vowed to retaliate against the tariffs. Analysts warn that Mexico, as Latin America’s second-largest economy, will likely bear the brunt of the US tax.
In light of these developments, experts such as Kimberly Clausing from the UCLA School of Law and John Kirton from the University of Toronto are weighing in on the potential impact of Trump’s tariffs on the global economy. Their insights shed light on the far-reaching repercussions that could arise from this trade dispute.
As tensions continue to escalate, it remains crucial for stakeholders around the world to closely monitor the situation and assess the implications of these tariffs on international trade and economic stability. The fallout from Trump’s decision could have significant consequences for various industries, supply chains, and economies globally.
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Video “How Trump's tariffs will impact the global economy | DW News” was uploaded on 02/01/2025 to Youtube Channel DW News