Big picture: Just hours after taking office, the Trump administration signaled its intent to challenge the global trading order by threatening to impose 25% tariffs on imports from Canada and Mexico, as well as tariffs on imports from China. This aggressive and nationalistic approach to U.S. trade policy could lead to economic instability worldwide.
Key points:
- New Tariffs: Trump has announced that starting February 1, 25% tariffs will be imposed on imports from Canada and Mexico.
- Pressure on China: Heavy tariffs will be placed on imports from China if an agreement is not reached for the sale of 50% of TikTok's shares to an American company.
- Impact on the European Union: Trump has threatened that the EU will face tariffs if it does not purchase more oil from the U.S.
- Domestic Policy Changes: The administration is also looking to bolster fossil fuel production and expel illegal immigrants.
What analysts saying:
Analysts believe that these actions could escalate tensions in international relations and disrupt global trade.
The latest:
Trump has also rescinded several of Biden's administration agendas and announced the U.S. withdrawal from the Paris Climate Agreement.
Go deeper:
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