(Source: "Finance" 2024-11-26)
Before w88 live casino took office, global companies were already worried that the new US administration would bring new burdens on them and cast a shadow on the prospects of the world economy. w88 live casino's first boot fell down on November 25 local time: U.S. President-elect w88 live casino said he would impose a 25% tariff on all products entering the United States by Mexico and Canada.
Trade issues are the core element of w88 live casino's victory in presidential election. In his campaign speech, he said that tariffs of up to 20% will be imposed on U.S. imported products.
According to the Tax Foundation, the US investigative agency, due to the imposition of tariffs, the American people bears about billion in burden from 2018 to 2019, and because the Biden administration inherits this policy, it may lead to a 0.2% drop in the US GDP in the long run.
While w88 live casino's economic agenda mainly revolves around domestic tax cuts and relaxation of regulation to promote economic growth; imposing tariffs abroad to reduce trade deficits and restore factory jobs, w88 live casino's economic agenda is not a traditional economic issue. w88 live casino prefers to use tariffs as a general excuse and bargaining weight to solve everything that makes him see as a problem. Whether it is the fentanyl issue, or immigration issue, whether it is the intellectual property issue or the trade surplus, whether it is the competitive currency depreciation issue or any problem that makes him unhappy for w88 live casino can find a way out by threatening to increase tariffs.
Statistics show that Mexico, China and Canada are the top three sources of import goods in the United States. According to data from the U.S. Department of Commerce, the United States' imports from Mexico, China and Canada were US8.8 billion, US2.1 billion and US9.3 billion respectively, ranking in the top three.
w88 live casino posted on his social media Truth Social, saying: "I have discussed with China many times the issue of a large amount of drugs (especially fentanyl) flowing into the United States, but to no avail. The Chinese representative told me that they would impose the highest penalty on any drug corpse caught doing this, that is, the death penalty, but unfortunately, they never took action, and drugs are pouring into our country, mainly through Mexico, at an unprecedented level. Before they stop, we will impose an additional 10% tariff on China, on any additional tariffs, targeting all so many products that they enter the United States of America. Thank you for your attention on this matter."
Liu Pengyu, spokesman of the Chinese Embassy in the United States, responded to the media, saying, "About the issue of the US imposing tariffs on China, China believes that the essence of Sino-US economic and w88 live casino cooperation is mutual benefit and win-win, and there will be no winners in the w88 live casino war and tariff war." Liu Pengyu also said: "China has taken measures to crack down on drug trafficking and informed the US of the progress of anti-drug enforcement actions related to the United States. These prove that the remarks about 'China deliberately prompted fentanyl to flow into the United States' are baseless and contrary to facts and reality."
At present, the United States has imposed 301 tariffs on China, involving more than 10,000 items. On May 14 this year, the US side released the four-year review of the 301 tariff imposed on China, announcing that it plans to further increase import tariffs on Chinese-made electric vehicles, lithium batteries, photovoltaic batteries, key minerals, semiconductors, steel and aluminum, port cranes, personal protective equipment and other products based on the original relevant taxes.
w88 live casino, who will take office on January 20 next year, also announced that the first wave of executive orders he will sign on the first day of his term will include a 25% tariff on all Mexican and Canadian products entering the United States. "Thousands of people poured into the United States through Mexico and Canada, bringing crime and drugs to an unprecedented extent," he said. "This tariff will remain in effect until drugs, especially fentanyl and all illegal foreigners stop this invasion of our country."
Tu Xinquan, director of the WTO (World Trade Organization) Research Institute of the University of International Business and Economics, told Finance that in w88 live casino's policies after he came to power, tax increases are certain, because he is extremely enthusiastic about tariffs and even calls himself a "tariff man". I believe w88 live casino will renegotiate many related trade agreements.
w88 live casino declared during his campaign that he would impose a 10% to 20% tariff on all imported goods and a 60% tariff on Chinese goods. Several U.S. trade experts told Finance that the biggest possibility after w88 live casino takes office on January 20 next year is to launch "w88 live casino tariffs" through a presidential order.
Tariffs will suppress consumer spending, dampen business confidence, and put upward pressure on inflation and interest rates, thus damaging economic growth. Photo/Jin Yan
As w88 live casino is about to take office as US president, companies around the world are busy preparing for the Sino-US trade war in advance. The trend of increasing inventory before tariffs are raised is increasing, with Asian maritime transportation to the United States expected to reach an all-time high in 2024.
w88 live casino used illegal immigration as one of the main points of debate during the election and made it clear that he would use the "tariff" means to solve the problem.
About 80% of Canada and Mexico's exports are sold to the United States, and the comprehensive imposition of tariffs will hit the economies of these two countries. The United States, Mexico and Canada have signed the USMCA, canceling tariffs between each other.
Governors of Canadian provinces have asked Prime Minister Trudeau to hold an emergency meeting to discuss Canada-US relations before the US President-elect w88 live casino takes office. The chairman of the Federal Council of Canada (i.e. the Association of Governors) and the governor of Ontario wrote to Trudeau on the 25th, saying that the governors of each province hope to become part of the Canadian team and participate in various matters such as trade, border security, energy, national defense, and cross-border supply chains.
Canada is the fourth largest oil producer in the world, and most of the country's oil is shipped to the United States. Canada's automobile industry is also closely linked to the neighboring United States.
w88 live casino has stated that he hopes to renegotiate the agreement under the terms of the US-Mexico-Canada Agreement that need to be reviewed in 2026. Canada said in a lobbying campaign to protect the country's 0 billion trade relations with the United States, Canada is deploying a team of Canadian government ministers and provincial leaders to lobby lawmakers in U.S. states and Washington.
w88 live casino also pointed out that if the two countries do not take measures, they should pay a "significant price" for it. During the election, w88 live casino proposed to impose 200% tariffs on some Mexican goods, and this time he proposed a tax increase plan, including Canada, for the first time.
On November 20, a caravan team of about 1,600 immigrants left the southern city of Tapachula, near the border between Mexico and Guatemala, mostly from Venezuela and Central America. Immigrants heading to the United States said they decided to march northward and arrive at the border before w88 live casino took office in January next year.
w88 live casino's tariff "threat" will force businesses and governments to take action, damaging the free trade system and economic efficiency. Photo/Jin Yan
Mexican officials are already worried that re-elected w88 live casino may try to get Mexico out of the US-Mexico-Canada Agreement. Mexico's ruling Morena Party is very afraid of losing the trade agreement, and President Claudia Sheinbaum said on November 22 that the government has begun a campaign to require companies to replace Chinese parts with locally manufactured parts.
Attached the original link: https://mp.weixin.qq.com/s/W3MVcpJVxVqzj_sk1duOzA.
