- 00:00[CC may contain inaccuracies] I was a bit confused looking at some of the numbers, Steve. Just take us through what we know so far here. Well, what we know is that Donald Trump is getting a jump on his second term as president at least two months before that inauguration date on January 20th. So that’s what these two that I can’t call them tweets, their tweets, social messages. At least two of them that he’s laid out his plan on day one for tariffs. And, you know, we all know that Donald Trump says he loves that word, tariffs. First of all, this is an attack as well on China and fentanyl. Mexico. On fentanyl. Mexico and Canada on illegal immigration. Two big issues, obviously, on the campaign trail, especially the building of the wall and the like. Let me. So we don’t have to pass his words. I will read his words. I have had many talks with China about the massive amounts of drugs, in particular fentanyl being sent into the United States, but to no avail. China essentially promised that they would institute maximum penalty that of death for any drug dealers caught doing this, but unfortunately, they never follow through, meaning Beijing. And the drugs are pouring into this country, mostly through Mexico, at levels never seen before until such time as they stop, we will be charging China an additional 10% tariff above any additional tariffs on all of their many products coming into the United States of America. So the way I’m reading this is two additional additional 10% tariffs on top of the any additional tariffs, we all know that there are 25% tariffs on about $300 billion worth of Chinese exports to the United States that were put in place in the first Trump administration and not rescinded by the Biden administration still in place. Trump has talked about raising those to 60% across the board on all products. So I guess we’re talking about, again, we’re parsing the words an additional 10% on top of that on day one through executive order. The other ones will be played out, obviously through negotiations potentially with other trade negotiations with China. But the added weight of this is the second message that he sent out, essentially adding Mexico and Canada, vowing 25% tariffs on Mexico and Canada because of the fentanyl issue, because of illegal immigration. Keep in mind, many economists I’ve spoken to say this is going to be a very inflationary move, because if you look at Mexico, Canada and China, by far the three top trading partners with the United States, in fact, Canada, its biggest export to the United States, is energy, gas and crude oil. 57% of Canadian exports to the United States are energy autos, which is under fire as well in the United States and consumer goods and also the integration of the automobile supply chain and agricultural products to the United States and Canada. So integrated. So if you’re going to have a 25% added tariff on top of it, on top of all the other sort of protectionist measures that the Trump administration has talked about, this potentially is going to be passed on.
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