In 2020 Donald Trump reached a new traded agreement with Canada and Mexico which replaced NAFTA signed in 1994. Trump called NAFTA the worst trade agreement in history.
Today Trump announced the U.S. would impose a 25% tariff and all goods imported from Canada and Mexico.
Imposing tariffs on everything Americans buy from Mexico and Canada represents an extraordinary political gamble by a president who was returned to power by voters angered over years of high inflation. The new import taxes are likely to raise the market prices of Mexican tequila, beer and avocados, along with Canadian crude oil and lumber, testing consumer patience with the president’s approach.
Don't forget that Donald Trump and the Republican parties campaign was based on lowering prices for consumer goods. These tariffs will cause the inflation rate to rise. Meaning you'll be paying higher prices for almost everything you purchase.
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