Tag: Trump’s tariffs

Canada Ready to Pull the Plug on Electricity Exports to U.S.

Buck Banks

“If they want to try to annihilate Ontario, I will do everything — including cut off their energy with a smile on my face. …They rely on our energy, they need to feel the pain. They want to come at us hard, we’re going to come back twice as hard.”

— “Speaking Monday at a mining convention in downtown Toronto, Ontario Premier Doug Ford doubled down on threats to cut electricity exports to U.S. border states if the tariffs go through,” the Toronto Sun reports.

Trump’s Tariffs to Tack $3k on to Price of New Cars

Buck Banks

$3,000

Bloomberg: The duties would immediately hit almost one-quarter of the 16 million vehicles that are sold in the US each year, as well as the parts and components that go into them — an import market that totaled $225 billion in 2024, according to research from consultant AlixPartners. Tariffs will add $60 billion in costs to the industry, the research shows, much of which is likely to be passed on to consumers.

Trumponomics Watch: Trump’s Tariffs Are Terrible

Buck Banks

“Stock futures fell and oil prices rose Sunday after the U.S. imposed sweeping tariffs on imports from major trading partners, jolting Wall Street’s outlook for the American economy,” the Wall Street Journal reports. “Futures linked to the tech-heavy Nasdaq Composite led the declines, falling by more than 2%, while the S&P 500 slipped by 1.6%. Dow Jones Industrial Average futures slid by about 1.1%, or around 500 points.”

CBS News:

The Dow Jones Industrial Average shed 421 points, or 1%, to 44,123 in early morning trading. The broad-based S&P 500 lost 1.5%, while the tech-heavy Nasdaq composite index tumbled 1.8%.

On Saturday, Mr. Trump signed an executive order that imposes 25% tariffs on imports from Canada and Mexico, while adding an additional 10% levy on goods from China. Hours later, Canada responded with retaliatory tariffs of its own, while Mexico said it was also planning to issue tariffs on the U.S. as well, adding to the potential fallout from a trade war with two of the U.S.’ closest trading partners.

Mr. Trump’s announcement prompted some economists to project that the stiff new tariffs could dampen U.S. economic growth and cause an increase in job losses.

“This development came sooner than we anticipated in our baseline forecast and will lead us to downgrade our 2025 global forecast,” Oxford Economics wrote in a Feb. 3 research note. “The latest set of tariffs will lead to weaker GDP growth, higher unemployment, higher interest rates, and higher inflation this year in Canada, Mexico, and the U.S. than in our January baseline forecast.”

Biden Criticizes Trump’s Tax, Tariff Plans

Buck Banks

“By all accounts, the incoming administration is determined to return the country to another round of trickle-down economics. On top of that, he seems determined to impose steep, universal tariffs on all important goods brought into this country on the mistaken belief that foreign countries will bear the cost of those tariffs, rather than the American consumer.”

— “President Joe Biden on Tuesday took direct aim at President-elect Donald Trump’s economic agenda, denigrating his plan to impose sweeping tariffs and cut taxes as a ‘major mistake’ that will weaken the economy,” Politico reports.

Trump’s Tariffs Didn’t Reduce the U.S. Trade Deficit

Buck Banks

$679 billion

“The U.S. trade deficit over the four years of President Donald Trump’s presidency soared to its highest level since 2008, despite his tough tariff tactics intended to bring it down, a new Commerce Department report showed on Friday,” Politico reports. “The combined U.S. goods and services trade deficit increased to $679 billion in 2020, compared to $481 billion in 2016, the year before Trump took office. The trade deficit in goods alone hit $916 billion, a record high and an increase of about 21 percent from 2016.”