Tariffs on Canada, China set to start
The speculation is over.
On Saturday, President Trump signed an executive order placing a 25% tariff on nearly all goods coming into the U.S. from Canada, effective Feb. 4, as well as a 10% tariff on imports from China. (Energy imports from Canada will be taxed at 10%.) While the order also called for a 25% tariff on all Mexican goods, it is being delayed for one month to allow for negotiations.
In total, the U.S. does about $1.6 trillion in annual business with the three countries, which account for more than a third of the goods and services that are imported to or bought from the United States and are this country's largest trading partners.
Canadian Prime Minister Justin Trudeau responded to the new tariffs by saying he would impose 25% tariffs on more than $100 billion in U.S. goods. He urged Canadians to “choose Canadian products” when shopping.
Impact
In a report by nbcboston.com, Mass. Gov. Maura Healey said the tariffs on Canada are expected to impact the dairy industry, raising the price of milk, cheese and butter. Canada is also one of the largest suppliers of softwood lumber in the U.S., meaning increased costs for housing, construction and home renovation. The tariffs on Canada will also impact the price of cars and car parts, energy and fish and other seafood.
The tariffs on Mexico are expected increase the cost of fruits, vegetables, avocados and tomatoes, as well as cars and car parts, beer and tequila, televisions and other electronics, she warned, while the tariffs on China will increase the cost of smartphones, laptops, televisions and other electronics, as well as furniture, clothing and toys.
To read the full nbcboston.com, report click here.