Trump and his trade wars are back, as he has spent his first weeks in office preparing tariffs on the top three trading partners that account for more than 40% of U.S. imports—with plans for a 10% tax on imports from China, and a 25% tax on imports from Canada and Mexico.
While Trump has since announced that he is postponing the measures on Mexico and Canada for at least 30 days, he’s now hinting that the EU could be his next target.
Prof. Richard Wolff, an American Economist and founder of Democracy at Work, noted that a tariff is a tax on an imported product paid to the U.S. Government, therefore the American people are stuck paying the price for Trump’s new measures.
As for why Trump seems to be so obsessed with tariffs, Wolff pointed out that it’s a tax the president can impose all by himself, without any checks or balances from Congress. It’s a way for Trump to make it look like he’s doing something himself, as he tries to use both tariffs, and the U.S. Economy, as a weapon.
Follow Prof. Wolff on X, and check out his most recent book: 'Understanding Capitalism'
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31 Jan. 2025 - Trump set to impose new tariffs on major U.S. trading partners
3 Feb. 2025 - Trump pauses tariffs on Mexico and Canada, but not China
4 Feb. 2025 - China counters with tariffs on US products. It will also investigate Google
5 Feb. 2025 - US Postal Service flip-flops on Hong Kong-China packages, lifting a ban imposed a day earlier
2 Feb. 2025 - Trump says Americans could feel ‘some pain’ from tariffs as he threatens more import taxes
4 Feb. 2025 - Trump says U.S. 'will take over the Gaza Strip' at White House news conference with Netanyahu
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