Tariff wars

Trump’s first tariff initiative, imposing tariffs on all goods from Canada, Mexico and China was immediately scaled back after phone calls with the leaders of our American neighbors. The tariffs on Canadian and Mexican goods were “put on hold” for 30 days. The tariff on Chinese goods remained and was answered with a 15% border tax on imports of US coal and liquefied natural gas products. There is also a 10% tariff on American crude oil, agricultural machinery and large-engine cars. China has also imposed export controls on 25 rare metals, some of which are key components for many electrical products and military equipment. Not to be outdone, Trump just announced a 15% tax on steel and aluminum. Whether these tariffs will benefit or harm the U.S. is a matter of debate.