Nonilex
@Nonilex@masto.ai  ·  activity timestamp 6 months ago

Sweeping #tariffs on imports from #Canada, #Mexico & #China went into effect just after midnight Tues, raising #US tariffs to levels not seen in decades & rattling foreign govts & businesses that depend on international #trade.

As of 12:01AM Tues, the #Trump admin added a 25% tariff on all imports from Canada & Mexico. The admin also added another 10% tariff on all imports from China. That comes on top of a 10% tariff on Chinese goods put into effect just one month ago….
https://www.nytimes.com/2025/03/04/business/economy/trump-tariffs-canada-mexico-china.html?smid=url-share
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp 6 months ago

…by altering the terms of #trade between the #UnitedStates & its largest economic partners, the #tariffs will probably rattle #SupplyChains, strain some of the country’s most important diplomatic relationships & add significant #costs for American #consumers & manufacturers.

#Canada, #Mexico & #China are the 3 largest trading partners of the US, accounting for >40% of both US imports & exports last year.

#economy #prices#PersonalFinance#TrumpTariffs #idiocracy#USpol #law
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp 6 months ago

Moments after #Trump’s #tariffs kicked in, #China’s Ministry of #Finance said that it was imposing tariffs of as much as 15 % on a wide range of #food imports from the #UnitedStates.

The finance ministry imposed 15% tariffs on imports of chicken, wheat, corn & cotton from the US & 10% tariffs on imports of “sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, & dairy products.”

#economy #prices #consumers#PersonalFinance#TrumpTariffs #idiocracy#USpol #law#Canada#Mexico
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp 6 months ago
#Trump’s #tariffs target countries that are major suppliers of a wide range of goods to the #UnitedStates.

For American families, the likely result is higher #prices nearly everywhere they turn — in grocery aisles, at car dealerships, at electronics stores & at the pump.

#economy #prices #consumers#PersonalFinance#TrumpTariffs #idiocracy#USpol #law#Canada#Mexico#China
https://www.nytimes.com/article/trump-tariffs-prices-consumers.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=p&pvid=B62F2EB0-707F-4418-8A92-3ADDA21FC8D0
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp 6 months ago

… #trading data & economic studies suggest #consumers in the #US will see higher #prices on a products from vegetables & meat to cellphones & cars. While a few companies may not pass on the cost of the #tariff, many are likely to raise prices on their products.
“Because of the combination of these 3 countries, it’s going to be difficult to go down an aisle of a grocery store & not see some sort of inflationary effect,” said Jason Miller, a prof of #SupplyChain management at Michigan State.
#Trump
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp 6 months ago
#China singled out 15 companies from the #US, including drone maker Skydio, for punitive #trade measures to “safeguard national security & interests.”

It added 10 other American companies to what it calls an “unreliable entities list,” preventing them from doing business in China.

China also banned a biotech company called Illumina from doing business in the country, a signal that Beijing is widening its net to include companies not related to the #military on its “unreliable entity list.”