President Trump’s newly enacted tariffs on imports from Mexico, Canada, and China are set to disrupt trade dynamics and consumer prices. The move departs from Trump’s earlier, more targeted tariff strategy, encompassing broader categories including agricultural products and automotive parts. Economists warn the tariffs may drive up grocery prices, which are already elevated by 28% over the past five years, and increase costs for routine automotive repairs. Trump is invoking the International Emergency Economic Powers Act to impose tariffs, citing a fentanyl and drug crisis he attributes to China, Mexico, and Canada.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Trump's newly enacted tariffs on imports from Mexico, Canada and China
00:06are set to disrupt trade dynamics and consumer prices.
00:10The move marks the departure from Trump's earlier, more targeted tariff strategy,
00:14encompassing broader categories, including agricultural products and automotive parts.
00:20Economists warn the tariffs may drive up grocery prices,
00:23which are already elevated by 28% over the past five years,
00:27and increase costs for routine automotive repairs.
00:30Trump is invoking the International Emergency Economic Powers Act to impose tariffs,
00:35citing a fentanyl and drug crisis he attributes to China, Mexico and Canada.