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What are the implications of Trump's proposed tariffs?
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Gavin Newsom takes on Trump and Elon Musk in a Golden State electric vehicle brawl.
Then who is Rocket Lab, the scrappy SpaceX rival who just sent two rockets into orbit in 24 hours? It's Tuesday, November 26th. Let's ride. Good morning. We are officially over halfway through this short week. Keep on going. Donald Trump dropped some pre-Thanksgiving news yesterday, clarifying some details around the new tariffs he wants to impose.
In a post on Truth Social, he said that he will issue executive orders imposing tariffs on all imported goods from the U.S. 's three largest trading partners, China, Mexico, and Canada, on his first day in office. Specifically, Trump mentioned a 25% tariff on Mexican and Canadian goods and a 10% tariff on Chinese goods. Neil, all signs are pointing to these things actually happening.
Perhaps. He said that these tariffs would come as punishment for migrants and illegal drugs like fentanyl coming from places like Mexico and China and said that he would put these tariffs on until those were addressed. So we don't know whether this is the beginning of trade war 3.0 or a start of a negotiation. And we know that Trump has used tariffs as a...
point of leverage when starting negotiations. But if these tariffs were to come to pass, it would cause major upheaval in global trade. As you mentioned, these are the three largest trading partners of the United States. We trade $600 billion worth of goods with China, and goods are valued at more than $1.5 trillion that move among the three North American nations, United States,
Canada and Mexico. Everything would be impacted. We import autos, electronics, veggies and plastics from Mexico, among other goods. And then Canada, the largest export to the United States from there is gas and energy. They come from those pipelines to the Midwest. So expect if these come if these come to pass, economists say expect price hikes.
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