Saturday evening, Trump signed decrees to impose prices in Mexico, Canada and China under the International Economic Powers (IEEPA), with a White House He is supposed to say that this decision aims to hold the biggest trade partners in the United States “responsible for their promises to end illegal immigration and to stop toxic fentanyl and other drugs to sink into our country . ” Orders have put 25% additional prices on imports from Canada and Mexico, the only exception is that Canada’s energy products will be subject to a rate of 10%. Imports from China will also face a price of 10%.
The large prices should take effect on Tuesday and may have ramifications not only for American companies, but also for consumers. Mexico, Canada and China are the best American import suppliers of products, each representing hundreds of billions of dollars in products in the country each year, data from the US trade and the to show. These products cover a wide range of categories, from agriculture to transport / car, fuel, electronics, wood, furniture, alcohol and more.
Mexico and Canada dominate American imports of agricultural products, Mexico providing items such as fruits, vegetables and nuts, and the major and the . The two countries were also our best transport equipment suppliers, including cars and car parts, and crude oil. Canada is responsible for almost 60% of American imports of crude oil depending on Who noted in a report last month that new prices “could affect the American crude oil market and consumer fuel prices”.
Electronic imports come largely from China and Mexico follows closely. Commercial economy data also shows machines, toys and games, furniture and plastics among the main products imported from China in recent years. The electronics sector could make an additional blow on the line, because Trump also said as well as pharmaceutical and steel products.
The leaders of Canada and Mexico both responded to the prices, on American products in retaliation. Prime Minister Justin Trudeau announced on Saturday a price of 25% out of approximately $ 107 billion (155 billion Canadian dollars) of American goods, Reuters Reports.
In a statement Released after the announcement of prices, John Murphy, main vice-president of the American Chamber of Commerce and chief of the international, warned that Trump’s new prices could negatively affect consumers and supply chains. “The president is right to focus on major problems such as our broken border and the scourge of fentanyl, but the taxation of prices under the ieepa is unprecedented, will not solve these problems and will only increase the prices for American families and overthrows the supply chains, “said Murphy. “The Chamber will consult our members, including the companies on the main street through the country affected by this decision, in order to determine the next steps to prevent economic damage for the Americans.”
This article originally appeared on engadget to
