Trump plows ahead with new tariffs that could surpass what he did in his entire first term

Published On Mar 4, 2025, 12:02 AM

Former President Donald Trump has reinstated tariffs on imports from Canada, China, and Mexico that are significantly higher than those during his first term. The new tariffs include 25% on imports from Canada and Mexico, alongside a hike in duties on China to 20%. This escalation is expected to have substantial economic impacts, potentially decreasing the GDP further while raising consumer costs by an estimated $1,000 per household. Analysts are concerned that these tariff actions could lead to a recession, especially amidst ongoing retaliatory measures from affected countries.