this post was submitted on 02 Feb 2025
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Economics

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Donald Trump imposes tariffs but Canada and Mexico hit back (www.bbc.com)
submitted 6 months ago by MicroWave@lemmy.world to c/economics@lemmy.world
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Summary

Donald Trump imposed 25% tariffs on imports from Canada and Mexico and 10% on China, citing drug trafficking and immigration concerns.

Canada and Mexico announced retaliatory tariffs, with Canada targeting $155 billion in U.S. goods and Mexico planning 25% tariffs on American products.

Economists warn the tariffs could raise consumer prices, especially in the auto, food, and housing sectors. China condemned the move and plans to file a WTO lawsuit.

Analysts suggest Trump may adjust the tariffs based on political and economic pressures.

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[–] UraniumBlazer@lemm.ee 19 points 6 months ago

My current jerk off fantasy is that the EU and Canada bring in very strict regulations for data privacy, that completely fuck over American tech's ad driven business models. This would boost the fediverse like crazy + destroying American tech (which is a HUGE chunk of their economy)