Trump's tariffs on Canada, Mexico, China could mean higher inflation

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Trump's tariffs on Canada, Mexico, China could mean higher inflation - Business Standard

Quick Summary:

New trade penalties against Canada, Mexico and China that President Donald Trump plans to impose Saturday represent an aggressive early move against America's three largest trading partners, but at the risk of higher inflation and possible disruptions to the global economy.

In Trump's view, the 25 per cent tariffs against the two North American allies and a 10 per cent tax on imports from Washington's chief economic rival are a way for the United States to throw around its financial heft to reshape the world.

The Republican president is making a major political bet that his actions will not worsen inflation, cause financial aftershocks that could destabilise the worldwide economy or provoke a voter backlash.