During President-elect Donald Trump’s first term, the US engaged in a trade war with China to address trade imbalances and boost domestic manufacturing. President Joe Biden has maintained most of these tariffs and even introduced new ones. As tensions persist between the US and China, American consumers are bearing the brunt of increased prices on Chinese imports.
Now, Trump is turning his focus towards Mexico and Canada, the US's largest and third-largest trading partners. He has pledged to impose a 25% across-the-board tariff on all goods imported from these countries starting January 20, potentially leading to higher costs for consumers.
