00:00Will Donald Trump's new tariffs protect American jobs or trigger a global trade war?
00:05After winning a second term against all odds,
00:08Trump is wasting no time in reshaping America's trade policies.
00:12His first move? Tariffs.
00:14If you don't make your product in America, however, under the Trump administration,
00:18you will pay a tariff, and in some cases, a rather large one.
00:23Welcome to Deep Dive with Outlook. Today, we'll talk about Trump and his new trade policies.
00:27Trump has proposed new tariffs on non-US-made goods,
00:30which he says will address unfair trade practices and help American manufacturing.
00:36However, even before the new tariff proposals could get out of the gate,
00:40Trump is facing the possibility of economic tensions with key trading partners,
00:44including Mexico, Canada, and China,
00:46the consequences of which would backfire on America and the rest of the world.
00:51Can tariffs really protect American manufacturing,
00:54or will they spark a costly standoff with the U.S.'s closest allies?
00:57The Trump administration has said it is only imposing tariffs
01:00on products that are dumped into the American market.
01:04While President Trump insists that the plan will increase American jobs,
01:07economists say that increased tariffs would
01:10harm U.S. consumers by passing the cost on to them,
01:14and then further could harm American industries that depend on the global supply chains.
01:18In February, Trump assured Mexican President Claudia Schoenbaum
01:22that USMCA-protected goods would remain tariff-free, but only till April 2nd.
01:28Now, Commerce Secretary Howard Lutnick has hinted
01:31at tariffs on Canadian and Mexican goods could still rise.
01:35It remains to be seen whether Trump's administration will use diplomacy
01:39to push its tariff policy.
01:41Mexican President Claudia Schoenbaum has not been shy about her response
01:46to Trump's new tariffs.
01:53She said her cool head secured a pause on tariffs,
02:01but also warned that Mexico will respond with counter-tariffs
02:05if Trump violates the U.S.-NC Treaty.
02:07Former Canadian Prime Minister Justin Trudeau took a firm and measured stance.
02:12I am announcing Canada will be responding to the U.S. trade action
02:17with 25% tariffs against $155 billion worth of American goods.
02:24Canada and U.S. have clashed over tariffs before.
02:27In 2018, Trump imposed duties on Canadian steel and aluminum.
02:31Ottawa responded with $12.6 billion in counter-tariffs.
02:34Now, with renewed tariffs, Canada has already approached the WTO.
02:38China, too, has warned that any new U.S. tariffs will be met with swift retaliation.
02:44Beijing has condemned Trump's trade policy as disruptive.
02:48Chinese officials have outlined potential counter-tariffs on key U.S. exports,
02:52including aircraft and high-tech equipment.
02:55Beijing also said it had no qualms about approaching WTO
02:59if Trump pushes ahead with the new tariff policies.
03:01Global supply chains, still fragile after the pandemic, are now facing renewed strains.
03:06Economic tensions between the U.S. and other countries
03:09could mean there will be further disruptions,
03:12a risk that will raise costs for U.S. manufacturers and consumers alike.
03:17Rewriting international trade policies has not been enough for Trump.
03:20He has, on more than one occasion, mentioned his interest in Greenland,
03:24an icy island with growing geopolitical significance.
03:42With climate change, Greenland's ice has receded
03:53and exposed huge buried reserves of minerals, from lithium to gold.
03:58So, it's not such a surprise that Trump has repeatedly expressed
04:02his intent to secure U.S.'s access to these resources.
04:06Some Greenlanders welcome the attention.
04:08Others see it as a threat to their autonomy,
04:11fueling renewed calls for independence from Denmark.
04:13Trump's renewed trade tariffs, his obsession with Greenland,
04:17and Poland's military expansion all point to a world on edge.
04:21Trump 2.0 has been marked by uncertainty.
04:24The question is,
04:25how far will America's allies and adversaries go to protect their interests?
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