Trump Tariffs on Canada, Mexico, China Could Disrupt Economy

Broad-based, universal tariffs and the damage they will do is not really a debate,

Zandi said

Part of these tariffs will be passed on to consumers,

Lovely said

If oil is hit with tariffs, the impact could hit energy markets, pushing up costs for businesses and consumers,

Green wrote

Unlike Canada and Mexico, for which retaliation would be inconceivable, China has retaliated in the past and would likely do so again,

PIIE economists wrote recently

The U.S. imports roughly 40% of its crude oil, with Canada as the dominant supplier,

Nigel Green, CEO of deVere Group, a financial consulting firm, said in a written statement

Mark Zandichief economist

There are always exemptions and carve-outs,

said Mark Zandi, chief economist at Moody’s

You see the power of the tariff,

Trump told reporters Friday

We were the richest country in the world,

Trump said Friday

When it comes to the impact of tariffs, companies are very granular and they're very concrete,

said Josh Teitelbaum, senior counsel of Akin, which has been advising his clients to prepare for swiftness with President Trump's tariff plans and not get bogged down in debates over the efficacy of tariffs as economic policy

It's really important that companies talk about the real impact on consumers,

said Ghori-Ahmad

Warehouse costs are folded into the price of a product. In the end, the consumer will pay,

Brashier said

A lot of those [infrastructure/construction] budgets were made two or three years ago, and an additional 20% in cost could blow those budgets out of the water,

Brashier said

The importer pays the tariff,

Muskat said

We'll increase our price,

Muskat said

The amount of importing that's necessary to feed the supply for the United States is pretty evident,

Kevin Stupfel, president of the family-owned company

They're not interested in academic questions about what the principles are and whether or not this specific tool can be theoretically justified to use this particular tariff. They want to know when is it going to impact me and by how much and which products,

said Teitelbaum, who was involved in the structuring of the Trans-Pacific Partnership, a trade deal that President Trump pulled the U.S. out of during his first time in office

I don't know what'll happen,

said Rick Muskat, president of the family-owned shoe retailer Deer Stags, which imports around two million shoes a year, with about 98% of their men's and boy's shoes made in China and sold in Macy's, Kohl's, JCPenney, and on Amazon

It's a lose-lose scenario for all four sides. The US will also bear the cost, as higher tariffs fuel inflation, raise living expenses, and make it harder for the government to maintain control the situation,

Lü said

If the tariff order takes effect, it will negatively impact all three countries – China, Mexico, and Canada – key US trading partners. Chinese investments in Mexico and Canada will also be affected,

Lü Xiang, an expert on US studies and research fellow at the Chinese Academy of Social Sciences, told the Global Times on Saturday

This is an escalation of US protectionism with no clear economic justification, driving up costs for consumers and businesses while disrupting global supply chains,

Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Saturday