Caricature: Betrayal
On Nov. 25 local time, U.S. President-elect Donald Trump announced that he would impose a 25% tariff on all products entering the United States from Mexico and Canada. Additionally, Trump also declared an additional 10% tariff on Chinese goods.
Analysis by Reuters indicates that in recent years, American consumers have become more frugal, reducing non-essential spending, which has put pressure on retailers and consumer goods companies. Jonathan Gold, Vice President of Supply Chain and Customs Policy at the National Retail Federation, stated that implementing these import tariffs would further burden the economy of low-income families since the tariffs would ultimately be passed on to consumers, leading to price increases.
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