WASHINGTON DC: U.S. President Donald Trump said that Americans may face economic “pain” because of new tariffs he is imposing on the country’s three biggest trading partners —Canada, China and Mexico — but contended that it would be “worth the price” to bolster U.S. interests.
Despite sharing a free-trade pact he negotiated with Canada and Mexico in his first term in office, Trump on Saturday imposed 25% tariffs on the two countries set to take effect Tuesday, and hit China with a new 10% levy in addition to already enacted tariffs.
Trump claimed the three countries were not doing enough to halt illegal immigration and the deadly opioid fentanyl from entering the United States.
In Truth Social posts early Sunday, Trump acknowledged American consumers could face higher prices because of the tariffs.
U.S. companies that pay the tariffs to the federal government to import goods from other countries then often pass on at least part, if not all, of their higher costs to consumers rather than absorb their extra expenses themselves.
But Trump aimed most of his comments at Canada, targeting one of the U.S.’s closest allies. The U.S. Census Bureau said the U.S. had a $55 billion trade deficit with Canada last year.
“Why? There is no reason,” Trump contended. “We don’t need anything they have. We have unlimited Energy, should make our own Cars, and have more Lumber than we can ever use.”
“Without this massive subsidy, Canada ceases to exist as a viable Country. Harsh but true! Therefore, Canada should become our Cherished 51st State. Much lower taxes, and far better military protection for the people of Canada — AND NO TARIFFS!” Trump said.
He said, “Canada, Mexico, China, and too many others to name, continue the decades long RIPOFF OF AMERICA, both with regard to TRADE, CRIME, AND POISONOUS DRUGS that are allowed to so freely flow into AMERICA. THOSE DAYS ARE OVER!”
With the new tariffs, Trump said, “Will there be some pain? Yes, maybe (and maybe not!) But we will Make America Great Again, and it will all be worth the price that must be paid.”
Trump aides had previously shied from acknowledging that tariffs could raise U.S. consumer prices.
Nationwide polls in the U.S. showed that consumer frustration over rising prices during the last four years were a major factor in his November election victory over Democrat Kamala Harris.
Trump has since acknowledged that it will not be easy to curb higher grocery prices. Trump put the new tariff on energy imports from Canada at 10%, apparently seeking to limit an increase in fuel and electricity prices.
(VOA)
Comment