President Donald Trump has signed an order seeking to impose significant tariffs on America’s largest trading partners through the International Emergency Economic Powers Act (IEEPA).
Trump had repeatedly promised to impose tariffs on the United States’ closest trading partners, citing concerns over fentanyl flow and trade deficits.
The order imposes 25 percent tariffs on Mexican and Canadian imports, a special 10 percent rate for Canadian energy products, and 10 percent tariffs on Chinese imports, set to take effect Tuesday.
The White House indicates rates could increase if countries retaliate.
Why It Matters
Tariffs are taxes on imported goods, typically paid by the importing businesses, which can then pass costs onto consumers through higher prices.
In this case, the importing business would be any American company that purchases goods from foreign suppliers and brings them into the country for resale, manufacturing, or distribution.
Trump’s new tariffs could significantly raise costs for products ranging from automobiles to fresh …
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