Donald Trump’s 25% Tariff Plan Sparks Concerns: Jagmeet Singh Warns ‘Jobs Are On The Line

Donald Trump’s 25% Tariff Plan: Trump’s 25% tariff on goods coming into Canada and Mexico will be “catastrophic” for the province.

Ford said that in a statement on X Monday night, just an hour after Trump announced he would sign the executive order on his first day in office.

Trump ran on using tariffs as a club to beat up on other countries – as he did in his first term – to grow manufacturing and collect revenue to pay for the huge holes in his tax cut plan.

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Tariffs are a tax on goods coming into the United States. Trump has said over and over that foreign countries pay the tariffs, but they are paid by the companies that import the goods – and those costs are passed onto American consumers.

Most mainstream economists believe tariffs are inflationary and the Peterson Institute for International Economics estimates Trump’s tariffs would cost the average US household over $2,600 a year.

Scott Bessent, Trump’s pick for Treasury secretary, has said tariffs won’t add to inflation if done right. Wall Street liked Bessent’s appointment because he’s expected to roll out tariffs gradually.

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While Bessent, if confirmed, will be part of the team that implements the tariffs with the Commerce secretary and US Trade Representative, as president Trump will have the power to unilaterally impose tariffs with the stroke of a pen. He did just that when he was last in the White House and put big tariffs on goods from China.

The problem with tariffs is they often prompt retaliatory action from the targeted country and start a trade war – and that’s what happened in Trump’s first term. That’s why the tariffs didn’t work to grow domestic manufacturing, because the manufacturers’ goods became less attractive to overseas buyers.

Trump has said he’ll have even bigger tariffs in his second term. He’s still throwing out different numbers but has proposed a 60% tariff on all Chinese goods and a 10% or 20% tariff on all goods coming into the US.

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