President Trump’s trade war has arrived and it’s already having huge repercussions as stock markets are plummeting and retaliatory tariffs are going into effect. This means businesses and consumers will lose, on both sides of the border.
Starting in the United States, the Trump administration has targeted products from Canada and Mexico with a 25% tariff. It will “remain in effect until such time as drugs, in particular fentanyl, and all illegal aliens stop this invasion of our country.”
The White House went on to claim that Trump was “implementing tariffs on Canada and Mexico under the International Emergency Economic Powers Act to combat the extraordinary threat to U.S. national security, including our public health posed by unchecked drug trafficking.” The administration also pointed to a “sustained influx of illegal aliens,” which are “overwhelming our schools, lowering our wages, reducing our housing supply and raising rents, overcrowding our hospitals, draining our welfare system, and causing crime.”
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