Stock market stumbles, Trump pauses tariffs on Mexico and Canada
San José, CA – On Monday, February 3, after a drop in U.S. stocks, President Trump relented and paused his 25% tariffs on Canada and Mexico for 30 days. Stocks bounced back, recovering most of their initial losses.
Both Canada and Mexico said that they would step up border security to slow the flow of drugs into the United States. But this will likely do little to help the fentanyl crisis in the United States, as the causes of the demand for narcotics have not been addressed. Further, only a tiny amount is coming in from Canada. As for Mexico, the post of 10,000 Mexican National Guards on the border will have little impact, when most of the fentanyl from Mexico is actually carried in by U.S. citizens, who are able to cross the border with less scrutiny.
What remains are Trump’s 10% tariffs on all goods from China. This will have an impact on consumers, especially for goods such as cell phones, of which over 75% are imported from China. The same is true for video game consoles and toys. Even for industries where Chinese imports make up a smaller percentage of sales, this will offer an opportunity for other businesses to raise their prices.
Another impact on consumers, especially lower-income ones, is the elimination of the “de minimus” exemption, where packages with less than $800 in value don’t have to pay any tariffs. The average value of these packages is only $52 each, but they are the mainstay of discount retailers found on Amazon, Temu and Shein.
#SanJoseCA #CA #CapitalismAndEconomy #Trump #Tariffs #International #Canada #Mexico
Source: https://fightbacknews.org/stock-market-stumbles-trump-pauses-tariffs-on-mexico-and-canada?pk_campaign=rss-feed
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