…by altering the terms of #trade between the #UnitedStates & its largest economic partners, the #tariffs will probably rattle #SupplyChains, strain some of the country’s most important diplomatic relationships & add significant #costs for American #consumers & manufacturers.

#Canada, #Mexico & #China are the 3 largest trading partners of the US, accounting for >40% of both US imports & exports last year.

#economy #prices #PersonalFinance #TrumpTariffs #idiocracy #USpol #law

Moments after #Trump’s #tariffs kicked in, #China’s Ministry of #Finance said that it was imposing tariffs of as much as 15 % on a wide range of #food imports from the #UnitedStates.

The finance ministry imposed 15% tariffs on imports of chicken, wheat, corn & cotton from the US & 10% tariffs on imports of “sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, & dairy products.”

#economy #prices #consumers #PersonalFinance #TrumpTariffs #idiocracy #USpol #law #Canada #Mexico

#Trump’s #tariffs target countries that are major suppliers of a wide range of goods to the #UnitedStates.

For American families, the likely result is higher #prices nearly everywhere they turn — in grocery aisles, at car dealerships, at electronics stores & at the pump.

#economy #prices #consumers #PersonalFinance #TrumpTariffs #idiocracy #USpol #law #Canada #Mexico #China
https://www.nytimes.com/article/trump-tariffs-prices-consumers.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=p&pvid=B62F2EB0-707F-4418-8A92-3ADDA21FC8D0

#China singled out 15 companies from the #US, including drone maker Skydio, for punitive #trade measures to “safeguard national security & interests.”

It added 10 other American companies to what it calls an “unreliable entities list,” preventing them from doing business in China.

China also banned a biotech company called Illumina from doing business in the country, a signal that Beijing is widening its net to include companies not related to the #military on its “unreliable entity list.”

#China’s Foreign Affairs Ministry strongly criticized the #US on Tuesday for using #fentanyl as a reason for imposing #tariffs. “The root cause of the fentanyl issue lies in the U.S. itself,” a spox said at the ministry’s daily briefing.

China has long denied American accusations that it supplies most of the ingredients used by fentanyl laboratories in Mexico & elsewhere & has contended that the United States should do more to discourage demand for the drug.

#Trump #economy #idiocracy #USpol

#China’s Foreign Ministry hinted on Tues that the country might curtail cooperation with the #UnitedStates in fighting #fentanyl as part of retaliating against #tariffs. “This will deal a heavy blow to counternarcotics cooperation,” said Lin Jian, a spokesman, at the ministry’s daily briefing.

#Trump #economy #idiocracy #USpol

#StockMarkets opened even lower on Tues, reflecting mounting investor concerns about the global #economy, after #Trump imposed #tariffs on #Canada, #Mexico & #China, & Beijing & Ottawa announced swift retaliation.

The escalating #TradeWar added to global #uncertainty that was compounded by the Trump admin’s decision to suspend #military #aid to #Ukraine.

The S&P 500 fell 0.7% at the start of trading, adding to a 1.8% loss on Monday that was its sharpest decline this year.

#idiocracy #USpol

The operators of electric grids in #NY & #NewEngland say they are still unsure whether the #tariffs apply to #electricity imports from #Canada, but they have filed plans w/ federal regulators to collect duties if they are ordered to do so. The 2 regions receive large amounts of #power from #hydroelectric #dams in Ontario & Quebec, & any tariffs would likely cause electricity bills to go up for households & businesses.

#Trump #idiocracy #economy #finance #USpol #geopolitics #RevengePolitics

#NewEngland’s grid operator has estimated that a 10% #tariff could raise the region’s power #costs by up to $165M per year. #NY’s #grid operator says that #tariffs on imported Canadian #electricity “would likely amount to tens of millions of dollars per year.”

#Trump #idiocracy #economy #finance #USpol #geopolitics #RevengePolitics #Canada

Prime Minister Justin #Trudeau of #Canada In his opening comments, contrasts #Trump’s trade attack on Canada, the #UnitedStates’ “closest partner & #ally,” w/Trump’s efforts to cultivate a relationship w/ #Putin, “a lying murderous dictator.” He added: “Make that make sense.”

Trudeau said his country was reasonable & polite but “would not back down from a fight” on tariffs.

#economy #finance #geopolitics #USpol #idiocracy #RevengePolitics

#Trudeau: “They’ve chosen to launch a #TradeWar that will first & foremost harm American families.”

Noting that #Canada’s #border measures in response to the US #tariff threats brought seizures of #fentanyl from Canada at the #US border to “a near-zero low of less than half an ounce” last month. “We stepped up…We did everything we promised.”

Trudeau appeals to #Trump directly, addressing him as “Donald” & citing the #WSJ says, “You’re a very smart guy, but this is a very dumb thing to do.”

You knew it was coming…

#Trump cannot take criticism even from the #WSJ, especially if #Trudeau is quoting it.

“Please explain to Governor Trudeau, of Canada, that when he puts on a Retaliatory Tariff on the U.S., our Reciprocal Tariff will immediately increase by a like amount!” – #IdiotInChief

Note “Governor Trudeau” as if Canada is the 51st state of the #UnitedStates. 🤬

#economy #finance #geopolitics #USpol #idiocracy #RevengePolitics #Canada #tariffs