(CNN) — On Saturday, President Donald Trump made good on his promise to impose steep tariffs on America’s three largest trading partners — Canada, China and Mexico — citing a national emergency on the flow of fentanyl and undocumented immigrants into the United States.
The action, which is expected to take effect on Tuesday, includes a 25% duty on all imports from Mexico and most goods from Canada (there’s a 10% carve-out for energy-related items such as crude oil), and an additional 10% tariff on Chinese goods imported into the United States.
Trump has used and promised to employ tariffs for three primary purposes: to raise revenue, to bring trade into balance and to bring rival countries to the negotiating table.
However, economists warn that these moves negatively impact American businesses and consumers, many of whom are still reeling from the sharp rise in inflation in recent years.
The US Chamber of Commerce warned Saturday that tariffs won’t solve the yearslong issues …