Economists are saying it. The WSJ is saying it. You can't blame this on the liberal media. But you'll continue to try.
Bob, what is this that I'm saying that the economist and WSJ disagree? My comments covered short term long term and things that can be done by the government to compensate or subsidize if you will? Here is a short list of the immediate situation with the big three that we hear about?
The governments of Mexico and Canada agreed to conditions set forth by President Donald Trump on Feb. 3, just hours before 25 percent tariffs were set to take effect on products imported from the two countries.
Executive orders signed Feb. 1 by the president are meant to force the nations’ leaders to strengthen their border policies and stop the flow of fentanyl into the U.S.
Mexican President Claudia Sheinbaum announced that she had spoken with Trump and negotiated a one-month pause on the tariffs, which were set for implementation on Feb. 4.
Mexico is sending 10,000 National Guard troops to its northern border to counter narcotics trafficking activities.
The White House reports approximately 500,000 pounds of fentanyl was seized at the border in each of the past three years.
Hundreds of thousands of Americans have died as a result of fentanyl poisoning since 2020.
Thousands of illegal immigrants have been pouring through the border daily in recent years, and Trump has ordered a halt to what he describes as an “invasion.”
He confirmed a deal with Mexico, saying, “They’re very strong now on the border. They want to protect it also. They don’t want people coming through Mexico to come into our country.”
Canadian Prime Minister Justin Trudeau later announced a similar deal after speaking with Trump.
In exchange for a 30-day temporary pause on the tariffs, Canada will spend $1.3 billion to combat fentanyl trafficking by purchasing new technology and helicopters and hiring more personnel to keep an eye on the border “24/7.”
Cooperation with U.S. law enforcement will strengthen operational capacity, and 10,000 Canadian personnel will be sent to the border.
Canada is also investing $200 million and appointing a fentanyl czar to investigate cartels, which both the U.S. and Canadian governments have now designated as terrorist organizations.
Trump remarked that Canada should become part of the U.S., saying he’d like to see it “become our 51st state.”
The president talked with Trudeau about what he sees as problematic trade policies, like those that keep American banks from doing business in Canada.
He said, “We’re not treated well by Canada, and we have to be treated well.” Highlighting a trade imbalance that he’d like to recalibrate, the president said, “We can’t let them take advantage of the U.S. “We don’t need them for anything.”
China
10 percent tariffs on China started today, in addition to hefty fees already placed on goods from the country during Trump’s first term in office.
China hit back overnight with a raft of retaliatory measures.
It said it would implement a 15 percent tariff on coal and liquefied natural gas products as well as a 10 percent tariff on crude oil, agricultural machinery, and large-engine cars imported from the U.S. Those tariffs will take effect next Monday.
China also announced export controls on several elements critical to the production of modern high-tech products.
The Chinese regulator said it was investigating Google on suspicion of violating antitrust laws. The announcement did not mention the tariffs but came just minutes after Trump’s 10% tariffs on China were to take effect.
Calling the Chinese Communist Party responsible for allowing the flow of fentanyl precursor chemicals that ultimately result in the deaths of Americans, Trump has ordered tariffs to increase if China does not follow his orders.
He said the country “will be dealt with,” and a call with Chinese President Xi Jinping is expected in the coming days, according to White House officials.
The president suggested his policies are proving effective because “tariffs are very powerful, both economically and in getting everything else you want.”
—Travis Gillmore and The Associated Press
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