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Trump's Tariff Tactics and Global Ripples
2024-11-29 13:29:09
Politics

Trump's Tariff Tactics and Global Ripples

Image courtesy of : AFP (CHARLY TRIBALLEAU)

Donald Trump's announcement of new tariffs on imports from China, Canada, and Mexico aims to combat drug trafficking but has sparked global concern. European industries, particularly in Germany, fear the economic repercussions. China's government has criticized the move, urging cooperation with the US. Trump's earlier tariffs on steel and aluminum in 2018 led to international disputes, though the EU negotiated a quota system with the US later.

The proposed tariffs threaten to raise prices on various goods, from vehicles to produce, affecting the auto industry and increasing costs for alcohol and energy imports. As Chinese manufacturers seek refuge in Vietnam to circumvent US tariffs, uncertainty looms with Trump's potential re-election.

Meanwhile, US President Biden hopes Trump reconsiders these tariffs to maintain alliances. As tensions mount, the global economic landscape braces for the impact of Trump's tariff strategies, reflecting a complex interplay of international trade and diplomacy.

Related news on that topic:

Trump's Tariff Plans: A Global Economic Ripple

Donald Trump has once again shaken the international economic landscape with his latest announcement of significant tariffs targeting Canada, Mexico, and China. Aiming to curb immigration and drug trafficking, these tariffs threaten to unravel international supply chains and disrupt global trade. Economists warn that such measures could lead to a trade war, with other countries likely to impose retaliatory tariffs, further escalating tensions. The proposed tariffs, which include 25% on Canadian and Mexican imports and an additional 10% on Chinese goods, are expected to increase consumer prices in the U.S., potentially raising inflation rates. The automotive industry, particularly in Detroit, could suffer significant profit losses, while Mexico predicts the tariffs may cost the U.S. 400,000 jobs. Meanwhile, China's economy, already slowing, may face additional strain, prompting potential shifts in trade routes to Europe. These developments put countries like the UK in a difficult position, as they must decide whether to align with the U.S. or strengthen ties with the EU. Trump's intended tariffs echo protectionist policies not seen since the 1930s, raising fears of a repeat economic downturn similar to the Great Depression.

Impending Tariffs: Economic Consequences for North America

The proposed tariffs by Trump could lead to significant economic repercussions for both Mexico and Canada. Mexican Economic Minister Ebrard warns that these measures would be a 'self-inflicted wound,' particularly damaging the auto industry. The tariffs threaten to disrupt established North American trade norms and could violate NAFTA agreements. In response, Canadian and Mexican producers may shift their oil exports to Asia, increasing competition and potentially harming U.S. refiners. Furthermore, the tariffs are expected to inflate prices for various consumer goods, including automobiles and food products, ultimately costing American families an estimated $1,300 annually. As negotiations loom, the stakes for regional economies and trade relationships remain high.

The press radar on this topic:

Deutsche Welle
29. November 2024 um 06:51

Decoding China: Trump's Tariff Announcements, Protectionism Announced

Politics
Economy
The elected US President Donald Trump announces new tariffs on imports from China, Canada, and Mexico to combat drug trafficking. The economy in Europe, particularly the Federation of German Industries (BDI) and the China International Capital Corporation (CICC), is concerned as the tariffs could also impact German and other European companies. China criticizes the announcement and urges the US to cooperate with China. In 2018, Trump had already imposed punitive tariffs on steel and aluminum,..
Global Economy - South China Morning Post
29. November 2024 um 08:00

Will the EU and China form a united front against Trump’s tariff offensive?

Politics
China-EU trade talks ongoing; EU Parliament chair says deal near, but Bloomberg, Reuters report little progress. Expert He Weiwen more optimistic on China-EU trade under Trump. Trump plans tariffs: 60-100% on Chinese goods, 25% on Canadian, Mexican goods. German broadcaster N-TV reports on China-EU talks.
Al Jazeera
29. November 2024 um 08:05

Cars to fruit: The goods set to get pricier under Trump’s tariff plans

Economy
Environment
Politics
Trump's proposed tariffs on Canada, Mexico, and China would raise prices on vehicles, produce, alcohol, and energy across the US. The auto industry relies on integrated North American supply chains under NAFTA/USMCA, so tariffs could increase vehicle prices by up to 10%, affecting major automakers like Stellantis, GM, Ford, Volkswagen, Honda, Nissan, Toyota, Mazda and Kia. Mexico is a top source of US produce imports per the USDA, and the Produce Distributors Association warns tariffs will raise..
CW

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