Following Trump Delaying Tariff's on Mexico, Canada, and China, What Could These Tariff's Mean to You?
Following signing an executive order that would implement tariff's on imports coming from Canada, Mexico, and China on Saturday, February 1, President Trump announced early Monday, February 3, evening that the tariffs would be delayed for one month.
A quick breakdown of these tariff's, the president signed an executive order on Saturday to place a 25% tariff on goods coming into the U.S. from Canada and Mexico, and a 10% additional tariff on imports from china.
Fox 40 spoke with Philosophy Professor at Binghamton University and member of Global Health Impact Organization Nicole Hassoun, where she mentioned that these tariff's could lead to higher prices for people to pay, especially when it comes tariff's for items like oil.
Hassoun also pointed out the international effects it could have, as this shift could lead to countries wanting to trade with others instead. The B-U Professor believes the rules of trade in the world trade organization should be reworked or worked around to protect those facing poverty.
"What we need to do is make free trade fair. So if the World Trade Organization, say, had rules that would require countries to improve labor standards and wages in developing countries in exchange for liberalizing markets that would protect people, I think that would be a better kind of international system," Hassoun said. "So I think it's really important to make sure that the gains from trade are freely distributed so we can have very big gains for trade and we don't want to let those go and we don't want to get a trade war."
President Trump took to social media earlier today stating he spoke with Mexico President Claudia Sheinbaum, where she agreed to immediately supply 10,000 Mexican soldiers on the border separating the U.S. and Mexico. The post also stated negotiations regarding border security between Mexico and the United States will continue.