Trump Tariffs: What’s next?

CGTN Europe

There’ve been some twists and turns in the ‘Trump tariffs’ saga.  U.S. President Donald Trump is using the threat of import taxes as a bargaining chip. But will his gamble pay off? CGTN’s Michael Marillier looks at the data.   #tariffs #usa #canada #mexico #china

Transcript

00:00The so-called Trump tariffs made headlines around the world, but the U.S. has gone back

00:06and forth on its threats over the past week.

00:10So where do we stand right now?

00:13Well President Donald Trump called for a 25 percent tariff on goods from Mexico, but Mexican

00:19President Claudia Sheinbaum has now agreed to bolster border security.

00:24Trump has suggested that he may not impose tariffs if Mexico does more to stop illegal

00:30migration.

00:31So, the tariffs are suspended for a month while Mexico implements its plan.

00:37Then there's Canada.

00:39Trump approved a general tariff of 25 percent on most goods and a 10 percent tariff on energy

00:45products like oil.

00:47But again, Trump suspended those tariffs for a month.

00:51The reason?

00:52Canada's Prime Minister Justin Trudeau said he would move ahead with a plan to spend a

00:56billion dollars on border security.

00:59He also promised to appoint a special team to curb the flow of drugs into the U.S.

01:05And what about China?

01:07Well Trump said during his election campaign that tariffs could be as high as 60 percent.

01:12Instead he's added 10 percent on top of existing tariffs.

01:17That means many Chinese products will come with a tariff of at least 20 percent.

01:23Now here's where things get tricky.

01:25In 2023, imports from Mexico were worth $480 billion.

01:31That same year, the U.S. spent $429 billion on goods from Canada and just under $450 billion

01:39on products from China.

01:42Add it all up and that's more than $1.3 trillion.

01:46In fact, 45 percent of America's imports came from those three countries.

01:52Trump is clearly using tariffs as a bargaining chip.

01:56But if he plays the tariff card, it could prove costly.

02:00Economists say tariffs will push up inflation, making life more expensive for consumers in

02:05the U.S.

02:07So it seems there's a price to pay.

02:10And it's the American public who will foot the bill.

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