Some goods in the crosshairs of Trump’s tariffs on Mexico, Canada and China
NEW YORK - President Donald Trump was poised to impose 25% taxes on imports from Canada and Mexico Tuesday and to double to 20% his levies on Chinese products. All three countries — America’s top trading partners — are threatening retaliation.
Energy imported from Canada, including oil, natural gas and electricity, will be taxed at a lower 10% rate — a concession to households in the U.S. Northeast and Midwest that depend on Canadian energy.For decades, auto companies have built supply chains that cross the borders of the United States, Mexico and Canada. More than one in five of the cars and light trucks sold in the United States were built in Canada or Mexico, according to S&P Global Mobility.
For many U.S. refineries, there’s not much choice. Canada produces the “type of crude oil that American refineries are geared to process,’’ Lincicome said. “It’s a heavier crude. All the fracking and all the oil and gas we make here in the United States – or most of it – is a lighter crude that a lot of American refineries don’t process, particularly in the Midwest.’’
And Americans import billions of dollars a year in clothing from China. That includes more than $7.9 billion in footwear last year, according to Commerce Department data.Tariffs could raise the price for those raising a glass of tequila or Canadian whisky. The council said the U.S. is already facing a potentially devastating 50% tariff on American whiskey by the European Union, which is set to begin in March. Imposing tariffs on Mexico and Canada could pile even more retaliatory action on the industry.
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