Sunday, February 2

United States President Donald Trump signed a slew of executive orders yesterday that will introduce heavy tariffs on Canadian, Mexican, and Chinese goods later this week, likely raising the prices of many everyday items for American customers.

The tariffs will go into effect on Tuesday in the early hours after midnight, and they affect the United States' three largest trading partners: Canada, Mexico, and China. Together, these three countries make up around 35% of the country's $3.83 trillion in total global imports and around 41% of the country's $3.07 trillion in global exports.

The executive orders state that a 25% tariff will be placed on all Canadian and Mexican goods, apart from Canadian energy products, which will only be subjected to 10% tariffs. Chinese goods will also face 10% tariffs, and Trump has maintained that there will be no exceptions to the tariffs.

Trump claims that the tariffs are the only way to stop the illegal immigration and illicit drug smuggling business at the border, and he has refused to end the tariffs until these issues are fixed. However, Canada and Mexico are unsure on what to do about these problems after negotiations with the US, leaving them frustrated and confused.

Now, Canada and Mexico are planning to strike back with tariffs of their own, although that may go worse than expected. Specific clauses within the executive orders Trump signed include that he has the right to increase the tariffs if Canada and Mexico retaliate, leaving the two countries in a tough position. Fighting back with tariffs of their own could incite a trade war between the three neighbors, but Canada and Mexico have confirmed that they are ready to strike back with their tariffs.

Due to this, American consumers may take a hit financially, as prices are expected to rise across the country. The majority of American oil comes from Canada, meaning that gas prices could rise in the coming weeks, and many of the United States' fresh fruits and vegetables come from Mexico. This could lead to a jump in avocado prices, tomato prices, and much more.

Unfortunately, many experts predict that companies may see this as an opportunity to jack up prices even more under the disguise of tariffs. This could lead to an uptick in inflation, which has just begun to slow down in recent months.

Fact of the Day (Reader's Digest): The world's most-visited country is France, with over 100 million international tourist visitors in 2023.

Quote of the Day (Gracious Quotes): You are just as likely to solve a problem by being unconventional and determined as by being brilliant. (James Dyson)

Word of the Day (Merriam-Webster): Disputatious (adj, dis-pyuh-TAY-shus) - Disputatious is a formal word used to describe someone who often disagrees and argues with other people (in other words, someone inclined to dispute). It can also describe something marked or characterized by arguments or controversies, or something that provokes debate or controversy.

In a Sentence: The podcast is hosted by a disputatious pair whose sparring has drawn legions of listeners.