During President-elect Donald Trump’s first term, the United States engaged in a trade war with China under the premise of boosting US manufacturing, safeguarding national security interests, and addressing what was perceived as an imbalanced trade relationship. President Joe Biden has maintained most of the tariffs imposed during Trump's tenure and has even introduced additional ones. This ongoing trade dispute has led to increased costs for US consumers purchasing goods imported from China.
Now, Trump is shifting his focus towards America's largest and third-largest trading partners, Mexico and Canada. He has announced plans to implement a new 25% across-the-board tariff on all goods imported from these two nations starting January 20, the day of his inauguration. These tariffs would impact goods that currently enter the US duty-free under the US-Mexico-Canada Agreement (USMCA).
