Today is one of those ‘big days’….today the much anticipated tariffs will go into effect on Canada and Mexico and China…..we will see just how successful they are at keeping America great…..
President Trump has said that the US will impose 25% tariffs on Canada and Mexico on Tuesday, saying there’s “no room left” for the two countries to avoid the measures.
Trump signed an executive order on February 1 to impose the 25% tariffs on all goods coming from Mexico and Canada with a carve-out for Canadian oil, which will be hit with a 10% tariff.
Trump paused the tariffs for 30 days after speaking with the leaders of Canada and Mexico, who both pledged to work to stem the flow of fentanyl and migrants entering the US. But Trump said on Monday that drugs were still “pouring into our Country from Mexico and Canada at very high and unacceptable levels.”
Trump also wants to use the tariffs to pressure companies to manufacture in the US and to reduce the trade deficits between the US and its trading partners. He has previously acknowledged the tariffs will cause “pain” for Americans since they will increase domestic prices.
Canada has said it’s ready to hit the US with retaliatory tariffs right away, and Mexico is vowing it will respond as well. Last month, Trump also imposed a 10% tariff on China and said that it would increase by another 10% on Tuesday.
(antiwar.com)
The news that the tariffs would begin and W#all Street had a sell-off in anticipation….
A sell-off hit Wall Street on Monday after President Trump said tariffs he had announced earlier on Canada and Mexico would take effect within hours.
- The S&P 500 fell 104.78 points, or 1.8%, to 5,849.72.
- The Dow Jones Industrial Average fell 649.67 points, or 1.5%, to 43,191.24.
- The Nasdaq composite fell 497.09 points, or 2.6%, to 18,350.19.
Trump said there was no room left for negotiations that could lower tariffs set to begin Tuesday on Canadian and Mexican imports. That dashed Wall Street’s hopes that Trump would choose a less painful path for global trade, and it followed the latest warning signal on the US economy’s strength, the AP reports. The hope on Wall Street had been that Trump was using the threat of tariffs as a tool for negotiations and that he would ultimately go through with less damaging policies for the global economy and trade.
Canada has made it clear of their one option….
Ontario Premier Doug Ford said Monday he is prepared to cut off electricity exports to the U.S. if President Trump’s 25 percent tariffs on Canadian goods go through.
“If they want to try to annihilate Ontario, I will do everything — including cut off their energy with a smile on my face,” Ford told reporters at a mining convention in downtown Toronto, the Toronto Sun reported.
Consumers are already seeing and feeling the Trump effect….in a month of the Trump coronation the confidence is sliding….
And so it begins.
Things are about to get more expensive….I have noticed a rise is food prices even before the tariffs went into effect.
Now we have even more problems to look forward to in the near future.
So again….watch your wallet.
I Read, I Write, You Know
“lego ergo scribo”
Trump has even less idea how to run an economy than he does to run a Democratic government, he will break the population with price increases then no doubt blame Biden as usual. It’s always the people who have to hurt the most,never the 1%.
he could blame Hilary seems she is still a target….LOL chuq
We went to get Turkish currency for out holiday yesterday, and the rate had fallen by 5 points in less than a week. The lady at the counter told us, “It’s because of what’s happening in America, people are selling off currency because they are worried, so all the rates are dropping”.
Vance has managed to piss off everyone in the UK with this statement. He seems to be unaware of the British troops killed and wounded in Iraq and Afghanistan fighting in the coalition they were requested to join by America.
‘JD Vance savages Britain as ‘random country that hasn’t fought a war in 30 years’
Best wishes, Pete.
He is just as clueless as his master. chuq
I am going to assume that before this is all over, a loaf of bread is going to cost a Hundred dollars or more (Or worse) and that the dollar will be replaced by some cockamamie bitcoin scheme —or worse….and I am still waiting to see what kind of Reichstag moment there might be planned for us —or some kind of night of the broken glass incident….
I hate to say but you may not have to wait long chuq
I hate to say but I hate that you agree with me on this one…LOL
when you are right you are right chuq
off topic– I am back: https://jrliming.wordpress.com/
Thanx for the heads up….chuq
We should all see where prices for goods go in the next month as a result. During winter season, so much of our produce comes from Mexico and that impact will be seen soon
I hear by last of May we should be feeling dire economic pain….I have noticed that even before the tariffs went into effect some were raising the prices on items like avocados…..chuq
It’s sad there is so much online abuse instead of a straightforward discussion of what is best…for anyone who gets social security or medicare for example, these next few months could be surprising in a very negative way…and with so many jobs being slashed in states that supported Trump, there is going to be a lot of pain indeed…the worst part is there is no reason given for the method being deployed EXCEPT to dismantle and disable our government – and who benefits?
We all know who benefits huh? There is some report that April SS benefits may not go out on time….that would be sad and disastrous for many Americans if true. chuq
If our government lives up to the promises made in the past until there is an approved change, then all will be fine. The issue is there doesn’t seem to be anyone who really cares about these alarms being sounds, and since chaos has been the governing process so far, no reason to think that will change. What is truly sad is that our national forests and parks have been decimated – most are in “red” states and all of those people are losing their jobs…how much could that be saving?!?!?!
From the reports I have seen all this saving BS will likely add about $11 trillion to the debt. chuq
Everyone seems to be forgetting that if there is an imbalance with trade with Mexico an Canada it’s completely Trump’s fault because he’s the one who engineered the new NAFTA agreement (USMCA) with them in his first term. That was supposed to “fix” all of the problems five years ago. So the blame for any problems with trade with Mexico and Canada should be laid directly on Trump, not on them.
Many have forgotten his debacle for his first term….but Biden is to blame….typical Trumpian BS. chuq