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Friend,
Trump’s massive tariffs on goods from Mexico, Canada, and China went into effect at 12:01 a.m. this morning. Already, American families are bearing the brunt of Trump’s blunder.
Lumber prices [[link removed]] hit a new high. The Dow fell a stunning 1,300 points [[link removed]] over the last two days. The S&P 500 had its worst day of the year yesterday, fell another 1.22% today, and erased any gains since Trump’s reelection in November. Economists are anticipating [[link removed]] both rising inflation and stagnant economic growth.
If you buy groceries, have a 401k, or might need to replace your cell phone or laptop sometime soon, all of this is very, very bad news.
Let's be specific: the typical American family will face increased costs of over $1,200 a year. The cost of cars made in North America will increase between $3,500 and $12,000. Smartphones and computers [[link removed].] made in China will become more expensive. The cost of food and vegetables (63% of imports come from Mexico), beer (81% of imports come from Mexico), furniture, clothing and toys (the U.S. is the largest market for Chinese household goods) will all rise in the coming days. Walmart, Best Buy, Target, Lowe's, Autozone, Columbia Sportswear, and other major corporations [[link removed]] have announced [[link removed]] an imminent increase in their prices.
To make matters worse, Canada, Mexico and China are responding with tariffs of their own that will hamper America’s economy. China said it will impose new tariffs on U.S. goods starting March 10, and Canada has already imposed tariffs on $20.7 billion worth of goods. More tariffs from our northern neighbors are scheduled to begin in 21 days. Ontario just enacted a 25% export tax [[link removed]] on electricity that will increase energy costs for 1.5 million American homes.
No one wins in a trade war, least of all American families.
– Jim
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Himes for Congress
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