Since the Trump administration began, new tariff policies aimed at prioritizing American businesses have been enacted, significantly affecting companies of all sizes. The uncertainty surrounding these policies has left many business owners uncertain about how to adjust their pricing and operational strategies. Specifically, imposed tariffs on imports from Canada, Mexico, and China pose a risk of escalating trade tensions, while those countries have already begun retaliating with their own tariffs. This has raised questions about the true impact of tariffs on domestic manufacturing and consumer behavior.
Trump has sought to throw 25% tariffs on all Canadian and Mexican imports, and double the tariffs on Chinese goods to 20%. Such action would heavily impact all goods shipped into the U.S. from these countries.
The ongoing ambiguity is itself a major burden, leaving many businesses in a lurch as they wait to see whether to adjust pricing, inventory, and supply chain strategies.
The idea behind these heightened costs on imports is to push American consumers to buy goods made in the U.S. and encourage companies to establish their headquarters and operations in the country.
Unsurprisingly, Canada, Mexico and China are already retaliating with their own tariffs on U.S. goods, including a 15% border tax on coal and liquefied natural gas products imported from the U.S.
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