Professor of economics at Grand Valley State University, Dr. Paul Isley, shares his insight into what Trump’s tariffs could mean for Michigan’s economy.
ALLENDALE, Mich. — After heralding the potential power of tariffs as an economic tool of persuasion for months, the Trump Administration announced tariffs on Canada, Mexico and China Saturday.
Trump declared an economic emergency as he placed a 10% tariff on imports from China and 25% tariffs on goods from Mexico and Canada – with the exception of Canadian energy resources, set for 10%.
The tariffs imposed by the Trump Administration spurred Canada and Mexico to order retaliatory tariffs on American goods in response.
But on Monday, Trump, Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum Pardo each announced that the tariffs between their countries would be paused for a month after measures had been agreed to regarding border security.
Yet, as the pauses are only set for a limited time as …