Trump, tariffs
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President Trump has threatened to increase Mexico’s tariff rate to 30 percent starting Aug. 1, claiming the country hasn’t sufficiently tackled drug cartels.
A vast majority of trade between Mexico and the U.S. has been exempt from tariffs for months. That could change on Monday.
President Donald Trump expanded his tariff threats over the weekend, calling for 30% levies on two of America’s largest trading partners: the European Union and Mexico.
The tariffs are likely to inflame tensions with one of the largest U.S. trading partners.
Trump’s tariffs spark a nationalist reaction in Latin America. Is the U.S. president a godsend for the region’s leftist leaders?
If Trump enacts tariffs on Mexico, it would be in violation of the U.S.-Mexico-Canada Agreement, a 2020 treaty that replaced the Clinton-era North American Free Trade Agreement.
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Trump announces 30% tariffs against EU, Mexico to begin Aug. 1, rattling major US trading partnersTrump detailed the planned tariffs in letters posted to his social media account. They are part of an announcement blitz by Trump of new tariffs aimed at allies and foes alike, a bedrock of his 2024 campaign that he said would set the foundation for reviving a U.S. economy that he claims has been ripped off by other nations for decades.
Trump said late Tuesday that Japan would be subject to a 15% tariff, significantly lower than the 27.5% rate currently in place for many other foreign cars, trucks and auto parts. The Trump administration confirmed Wednesday morning that the lower rate would apply to Japanese automotive goods, including finished vehicles.