Farm4Profit Podcast
Building Resilience in Farming and Life - A Journey Through Tough Challenges
03 Feb 2025
Full Episode
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Live from NPR News in Washington, I'm Janine Herbst. President Trump says he realizes that U.S. consumers could be hurt by the steep tariffs he announced yesterday on goods from Canada, Mexico, and China.
We may have short-term little pain, and people understand that, but long-term, the United States has been ripped off by virtually every country in the world. We have deficits with almost every country. Not every country, but almost.
Speaking there, as he arrived back at the White House tonight from his home in Florida, all three countries have vowed to retaliate. Those tariffs are set to take effect on Tuesday. And U.S. business groups aren't happy, and they're pushing back, as NPR's Scott Horsley reports.
President Trump says he's ordering the tariffs in an effort to curb the flow of illegal drugs and immigration. But the U.S. Chamber of Commerce says while Trump is right to focus on those problems, tariffs are not the answer. The chamber says taxing imports will only upend supply chains and raise prices for American families.
Trump has ordered a 25% tax on most goods coming from Mexico and Canada, but he called for a smaller 10% tax on Canadian crude oil. in an apparent effort to limit any spike in gasoline prices. The tariff on Chinese imports is also set at 10 percent. All the taxes are set to take effect on Tuesday, leaving a short window for a possible reprieve.
Canada and Mexico have promised to respond to tariffs with taxes of their own on U.S. exports. Scott Horsley, NPR News, Washington.
News of the tariffs and retaliation has sent U.S. stock futures sharply lower. Dow futures are down 1.1 percent. Nasdaq futures are down 2.2 percent. Secretary of State Marco Rubio kicked off his first trip as Trump's top diplomat with a stop in Panama. And he visited the canal, which Trump wants back. Empire's Michelle Kellerman has more. Secretary, it's Chinese. One question, please.
Secretary Rubio did not answer any questions as he toured the Miraflores Lock at the Panama Canal. He met earlier in the day with Panama's president and, according to a written statement, told him that Trump thinks the status quo is unacceptable. The U.S. has been raising concerns about China's influence and argues that violates a treaty on neutrality.
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