Trump and his international "policies"
Since coming into office Trump has talked about the terrible international economic policies that the US has that he feels have not only held the US down but been a severe detriment to this country by causing massive job loss/outsourcing to other countries etc... Trump has finally recently decided to "back up all the talk" by taking action on international tariffs (taxes on imports and exports).
Since getting rid of NAFTA (North American Free Trade Agreement), replacing it with USMCA (United States Mexico Canada Agreement), Trump and his office are pushing for massive hikes on tariffs with Mexico. It is set to be the biggest tax hike in over three decades potentially starting on June 10th rising up to almost 25 percent over time. Trump says the only way he will not increase the tariffs to this extent is if Mexico is able to control and properly mitigate the amount of illegal aliens entering the US from the Mexico border. Projected GDP increases for the US are around 69 billion. On the other hand there is a potential projected loss of .33 percent lower wages as well as repercussions with employment rate.
Although it may seem that Trumps tariff hikes on China and Mexico, some of our closest trading partners, seems like a loss for those countries. There are several negative effects to Americans. Goods may become more expensive making it certain goods less affordable for chunks of the United States population.
https://www.cnbc.com/2019/06/03/us-china-trade-war-who-pays-for-donald-trumps-tariffs.html
https://www.nytimes.com/2019/06/02/business/trump-australia-tariffs.html
Since getting rid of NAFTA (North American Free Trade Agreement), replacing it with USMCA (United States Mexico Canada Agreement), Trump and his office are pushing for massive hikes on tariffs with Mexico. It is set to be the biggest tax hike in over three decades potentially starting on June 10th rising up to almost 25 percent over time. Trump says the only way he will not increase the tariffs to this extent is if Mexico is able to control and properly mitigate the amount of illegal aliens entering the US from the Mexico border. Projected GDP increases for the US are around 69 billion. On the other hand there is a potential projected loss of .33 percent lower wages as well as repercussions with employment rate.
Although it may seem that Trumps tariff hikes on China and Mexico, some of our closest trading partners, seems like a loss for those countries. There are several negative effects to Americans. Goods may become more expensive making it certain goods less affordable for chunks of the United States population.
https://www.cnbc.com/2019/06/03/us-china-trade-war-who-pays-for-donald-trumps-tariffs.html
https://www.nytimes.com/2019/06/02/business/trump-australia-tariffs.html
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