Chicago – February 03, 2025
President Donald Trump warned there could be “some pain” after signing executive orders that imposed stark tariffs on imports from Canada and Mexico and a 10% duty on imports from China, targeting three of America’s key trade partners.
“THIS WILL BE THE GOLDEN AGE OF AMERICA! WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!)” Trump wrote in an all-caps post on Truth Social Sunday morning defending the tariffs. “BUT WE WILL MAKE AMERICA GREAT AGAIN, AND IT WILL ALL BE WORTH THE PRICE THAT MUST BE PAID.”
Set to go into effect Tuesday, the new duties include a 25% tariff on goods from Canada and Mexico, and a 10% tariff against China. The move is intended, Trump has said, to incentivize these countries to clamp down on the flow of fentanyl and migrants traveling from their borders into the U.S.
Yet some economists have warned that the measures could hike prices for American consumers and increase inflation. Products such as wood from Canada and fruit from Mexico are among the list of goods whose prices are expected to swell.
