Author: Unknown
Published on: 04/02/2025 | 00:00:00
AI Summary:
The United States postponed planned 25 percent tariffs on Canadian and Mexican imports by a month. Chinese goods have already been subjected to previous tariffs starting in Trump’s first term between 2017 and 2021. From January to November 2024, the value of goods traded between the US and the world reached $4.88 trillion, with $2.98 trillion in exports and $1.90 trillion in imports. US importer will have to pay $1 extra to the federal government for the jeans. After adding expenses and profit, the jeans will be sold for $20. Canada will move forward with its previously outlined $1.3bn border plan, while also appointing a “fentanyl czar”. In the US from 1790 to 1860, tariffs produced 90 percent of federal revenue. In 2018, the US began placing tariffs on Chinese goods worth hundreds of billions. This marked the start of the US-China trade war. President Trump mainly used tariffs as a bargaining chip, Nadjibulla says. A range of goods will be heavily affected by Trump’s imposed tariffs. Based on what the US imports the most from Canada, Mexico and China, this will include items such as cars, fuel, computers and electrical equipment. China has placed counter-tariffs on US imports that will come into effect on February 10. This has been at the heart of Washington’s trade war with China since 2018. The Biden administration expanded these tariffs in September 2024 to target items such as electric vehicles, batteries, semiconductors and solar panels. In most cases, the cost of tariffs is indirectly picked up by consumers as importing businesses are likely to increase the price of said goods to manage taxes levied. In theory, tariffs would encourage more domestic production, which, in turn, would require more employment. Samsung built an appliance manufacturing facility in Newberry, South Carolina. The US administration would hope the latest tariff war will incentivise corporations to set up more factories and businesses in the US.
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