Donald Trump’s ambitious tariff targets, which he proclaimed on his campaign trail, have been tempered a little.
“I think we’ll do it Feb. 1,” Trump said at a press conference on Monday, in reference to the tariff hikes against Canada, Mexico, China.
Stephen Miran is the head of Trump’s economic advisory council. While Trump did not provide specifics on timing and pace, based upon our conversations, we can expect tariffs to rise by 2%-5% per month.
Trump’s first proposal to impose 25% tariffs against China came in 2018. In the end, a tariff of 17% was actually implemented.
“The after-tariff dollar-import price of goods coming from China was practically unchanged,” Miran said.
Trump has given federal agencies until the 1st of April to report on his first day’s trade policy. “unlawful migration and fentanyl flows” From Canada, Mexico and China
His instructions to the Secretaries of Treasury, Commerce and Homeland Security include evaluating how best to implement the “External Revenue Service,” Trump has proposed a brand new entity to collect tariffs.
“Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,” Trump made the following remarks on Monday.
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