President Trump warned of steep tariffs on Canada, Mexico, and China to pressure them into addressing illegal immigration and drug trafficking. Economists are concerned these tariffs could lead to inflation and slow economic growth. The administration is using tariffs to secure political and economic concessions from other nations, as the February 1st deadline approaches. If imposed, these tariffs could lead to retaliatory measures from Canada and Mexico, raising consumer prices in the U.S. across several sectors. Economists suggest that if tariffs are enacted, they will likely affect consumers and businesses across the U.S. and could harm trade relationships with critical allies.
