Trump's Tariff Tumult

November 28, 2024

Donald Trump fired the first salvo in his war to revise the “World Economic Order” by announcing tariffs on America’s three most significant trading partners. He promised that on his first day in office, he would impose 25 percent tariffs on Canada and Mexico until they prevented illegal immigrants and fentanyl from crossing their borders into America. He piled another 10 percent in tariffs on China, where fentanyl ingredients originate. Naturally, all their currencies and stocks fell, and tremors were felt across Japan, South Korea, India, and Europe. They also braced as Trump demonstrated that he would deploy punitive tariffs to eliminate America’s trade deficits and to negotiate or deal with geopolitical and social problems. This means nations must reconstitute their relationships with America's incoming regime, not just trade arrangements.