@philipdefranco: Trump Hits Canada & Mexico With 25% Tariff #usa #america Trump just announced a 25% tariff on all goods including gasoline coming from Canada and Mexico. The two of them account for 30% of our imports, and 70% of our gasoline. Trump continues to repeat that foreign companies pay the tariffs,but economists say he is very wrong. Studies and history show that they are always passed on to the consumer. In fact, Walmart just warned that tariffs will raise their prices and that the tariffs are inflationary. The stock market as a whole seems to think Trump is bluffing still but auto stocks did take a bit of a tumble in response to the news. With Bernstein telling investors that the tariffs would spell disaster for the US auto industry but that they doubt Trump will follow through. Trump’s Tariffs are expected to cost each American at least $3,000 a year and that doesn’t account for higher gas prices. Trump says the tariffs will stay in place until Mexico and Canada stop “drugs, in particular fentanyl, and all illegal aliens” from entering the US. Which is famously such an easy problem to fix. Now Mexico says it might respond with retaliatory tariffs. With the Mexican President saying in a statement: "Seventy percent of the illegal weapons seized from criminals in Mexico come from your country. We do not produce these weapons, nor do we consume synthetic drugs. Tragically, it is in our country that lives are lost to the violence resulting from meeting the drug demand in yours."

Philip DeFranco

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Region: US

Tuesday 26 November 2024 22:08:52 GMT