Quotes
I am going to put tariffs on other countries coming into our country, and that has nothing to do with taxes to us. That is a tax on another country,
Trump said in an August speech
People generally don’t understand how dependent the global economy is for those kinds of intermediate goods, raw materials, that we sort of take for granted,
Willy Shih, an economist at Harvard Business School, told PackagingDive.com
Total impact to #gasprices in these areas could be 25-75c/gal, dependent on season and refining factors as well if tariffs go through,
De Haan addedGiven the wide-ranging negative implications for industrial production in the U.S., we expect this is unlikely to happen in practice,
the Bernstein analysts saidThere is probably not a single assembly plant in Michigan, Ohio, Illinois and Texas that would not immediately be affected by a 25 percent tariff.”
Patrick Anderson, chief executive of Anderson Economic Group, a consulting firm in Michigan, told the New York TimesThey need to understand where their exposures are,
he said
Given the post makes an explicit reference to the flow of people and drugs across the southern and northern borders, it suggests this specific tariff threat is more of a negotiating tool than a revenue raiser,
said Thomas Ryan, North America Economist at Capital Economics
What happens in the U.S. has a big impact on us, and something like this would clearly have an impact on both economies,
Deputy Governor Rhys Mendes said during an audience question and answer session in Charlottetown, Prince Edward Island
To one tariff will come another and so on, until we put our common businesses at risk,
Mexican President Claudia Sheinbaum said during a regular press conferenceTrump apparently sees tariffs as a tool with broad uses in tackling a variety of malign external factors that have adverse effects on the US economy, society and national security,
noted Prasad, now a professor of trade policy at Cornell University
Trump’s statements clearly herald the dawn of a new era of US trade protectionism that will sweep many US trading partners into its ambit,
said Eswar Prasad, former head of the IMF’s China divisionThis potential increase in consumer costs and inflation could have widespread economic implications, particularly in an economy where consumer spending accounts for 70% of all activity,
James Knightley of ING saidThere will also be, without any doubt, retaliation,
he addedThe United States exports hundreds of billions of dollars worth of goods to these countries,
he saidTariffs will certainly create benefits for protected industries, but those benefits come at the expense of consumers and other industries throughout the economy,
she added
Tariffs are also a useful tool for achieving the president's foreign policy objectives. Whether it is getting allies to spend more on their own defense, opening foreign markets to U.S. exports, securing cooperation on ending illegal immigration and interdicting fentanyl trafficking, or deterring military aggression, tariffs can play a central role."
In a Fox News op-ed published on November 15, Bessent wroteThe damage is magnified if other countries retaliate with higher tariffs on their imports from the United States,
the report saidPresident-elect Trump may want to impose tariffs to encourage investment and work, but his strategy will backfire,
Erica York, a senior economist and research director with Tax Foundation's Center for Federal Tax Policy, wrote in an article earlier this monthThis strikes me more as a threat than anything else
Reinsch said
A tariff is basically a sales tax, raising the price of almost everything you buy,
said Robert Reich, a secretary of labor under Bill Clinton