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Electronics, avocados, vegetables, cars, tractors, crude oil — these are some of the things that could soon get more expensive for US consumers. Under President Donald Trump’s proposed plan, goods coming in from Mexico and Canada will be subject to a 25 percent tariff beginning on February 1st. White House press secretary Karoline Leavitt has also said Trump was “very much still considering” tariffs on China on the same day. As of late Thursday, the specifics of these plans were still up in the air.
Sweeping tariffs were one of Trump’s marquee campaign promises leading up to the election in November. He’s previously threatened up to a 60 percent tariff on goods from China, a 100 percent tariff on goods from Mexico, and even a 200 percent tariff on John Deere products imported into the US. Despite this, Trump failed to levy any tariffs on day one of his presidency, with Bloomberg reporting on Thursday that his administration lacked even concepts of a plan. His first round is now supposed to hit goods from Mexico and Canada, the two largest trade partners for the US.
In 2022, around $1.8 trillion of goods and services moved between countries under the current United St …
Read the full story at The Verge.
