Trump Tariffs Live Updates: Trade War Escalates as Countries Retaliate Against U.S.
President Donald Trump went forward with sweeping tariffs at midnight on goods imported from Canada and Mexico, while doubling down on punitive duties on China.
The latest:
Just now Mexico’s president said retaliatory tariffs are coming Sunday.
At midnight, 25% tariffs on two U.S. neighbors — Canada and Mexico — went into effect. The president also imposed an additional 10% tariff on Chinese imports, doubling the 10% duty he had slapped on Beijing in early February.
Economists have warned that the president’s aggressive moves could cause negative consequences globally, including triggering inflation that could hurt consumers.
The stock market suffered a dramatic sell-off after Trump’s announcement Monday. The S&P 500 dropped 1.8%, its worst day since December, falling into negative territory for the year. Stocks were under pressure yet again Tuesday, with the tech-heavy Nasdaq Composite flirting with correction territory.
New England governors warned this week that President Donald Trump’s 10% tariff on energy imports for Canada will lead to higher gasoline and home heating prices in the region.
Massachusetts Gov. Maura Healey said Monday that the tariff would cause gasoline and home heating oil costs to “skyrocket” for residents and businesses in the state. The levy would cost Massachusetts $370 million per year and $1 billion for New England, according to the governor.
Maine Gov. Janet Mills said the state’s economy is “deeply intertwined” with Canada. Maine is more dependent than any other state on home heating oil with more than 80% of its gasoline and heating oil imported from Canada, Mills said.
Trump’s energy tariffs target imports of crude oil, natural gas, refined products, uranium, coal, biofuels, geothermal heat, the kinetic movement of flowing water, and critical minerals. The levy also appears to apply to hydroelectric power, described as “kinetic movement of flowing water” in the implementation documents.
Source : CNBC
