U.S. President Donald Trump has promised to continue imposing additional tariffs on goods entering the country, but his latest round of economic sanctions could prove to be especially unwise. Despite his assertions that these measures are necessary, evidence suggests otherwise.
On Tuesday, the U.S. announced new tariffs targeting three nations: Canada, China, and Mexico. Imports from Canada and Mexico were hit with 25 percent tariffs, while tariffs on Chinese imports were doubled to 20 percent.
An analysis from the Associated Press highlighted that cellphones, computers, and their accessories, including electric and industrial equipment, are among the top imports from China in 2024. As a result, American consumers are likely to bear the true costs of these sanctions, potentially leading to significant price increases.
In retaliation, China's General Administration of Customs announced a temporary ban on the import of lumber from the U.S. and soybeans from three specific American businesses. This move underscores the potential for escalating trade tensions.
Trump has repeatedly justified the expansion of tariffs by claiming that Canada, China, and Mexico have not done enough to control the flow of fentanyl into the U.S. However, this argument falls apart when scrutinizing the broader economic impacts, particularly on China.
Ultimately, the latest tariff measures represent a deliberate violation of common sense and decorum, suggesting that the economic strategy may backfire by harming both consumers and international trade relations.
Reference(s):
cgtn.com
