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What are tariffs and why is Trump levying them on Canada, Mexico and China? (www.theguardian.com)

submitted 3 weeks ago by MicroWave to c/economics

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Summary

Donald Trump plans to impose tariffs of 25% on imports from Canada and Mexico and 10% on China, targeting the U.S.’s largest trading partners.

Tariffs, taxes on imports, are paid by American companies and likely to raise consumer prices.

Trump aims to reduce the trade deficit and encourage domestic manufacturing, though experts argue such shifts are impractical in the short term.

Retaliation from affected countries is expected, potentially escalating a trade war.

Previous tariffs during Trump’s first term led to economic backlash, including higher inflation and costly bailouts for U.S. farmers.

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[–] 11111one11111 4 points 3 weeks ago

The long short of it is, we need to stop trying to resurrect American manufacturing and accept that American fabrication has taken its place. For China atleast. The only countries it would have a chance working on are ones with comparable employee operating costs to us. You can't make tariffs high enough on China imports to out weigh the costs of domestic manufacturing. 9 times out of 10 the cost of the material is more than the cost of a finished imported product from China.