New import taxes on Canada, Mexico and China are set for midnight, although president Trump plans conversations with Mexico’s and Canada’s leaders today. All those new tariffs are going force average consumers to pay more.
The Trump administration says the 10% extra tariff on Chinese goods is in part to its view that Beijing isn’t cracking down enough on chemicals it produces to make the widely abused drug fentanyl. A range of senior officials in Beijing have promised retaliation for the tariff increase, but the form of any retaliation has yet to take shape.
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