Businesses scramble to contain fallout from Trump’s tariffs on Canada, China and Mexico
NEW YORK - A Minnesota farmer worries about the price of fertilizer. A San Diego entrepreneur deals with an unexpected cost increase of remodeling a restaurant. A Midwestern sheet metal fabricator bemoans the prospect of higher aluminum prices.
Manuel Sotelo, who runs a Mexican truck fleet that carries goods across the southern U.S. border, didn’t expect that Trump would roll the dice on $2.2 trillion worth of American trade with Mexico, Canada and China. Indeed, Mexico has already taken steps to address the ostensible grievances behind Trump’s Tuesday tariffs — the flow of illicit drugs and immigrants — including sending 10,000 troops to the border.
But “if this thing lasts 10 days or more, our costs will be substantially different,’’ he said. “We’ll have to come to the table and figure something out.” In Cannon Falls, Minneapolis, about 45 miles south of Minneapolis, farmer Danny Lundell is particularly worried that Trump’s import taxes will drive up the price of Canadian potash fertilizer.
Higher costs aren’t the only consequence of Trump’s trade wars. There’s also the uncertainty as the president threatens, delays and actually imposes import taxes. During Trump’s first-term trade battles, U.S. business investment weakened late in 2019, prompting the Federal Reserve to cut its benchmark interest rate three times in second half of the year to provide some offsetting economic stimulus.
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