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By JOSH BOAK WASHINGTON (AP) — Donald Trump loved to use tariffs on foreign goods during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries. The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared. This time, though, his tariff threats might be different . The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he’ll do what he says and what the consequences could be. “There’s going to be a lot more tariffs, I mean, he’s pretty clear,” said Michael Stumo, the CEO of Coalition for a Prosperous America, a group that has supported import taxes to help domestic manufacturing. The president-elect posted on social media Monday that on his first day in office he would impose 25% tariffs on all goods imported from Mexico and Canada until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States. Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his initial term. Chinese imports would face additional tariffs of 10% until Beijing cracks down on the production of materials used in making fentanyl, Trump posted. Business groups were quick to warn about rapidly escalating inflation , while Mexican President Claudia Sheinbaum said she would counter the move with tariffs on U.S. products. House Democrats put together legislation to strip a president’s ability to unilaterally apply tariffs this drastic, warning that they would likely lead to higher prices for autos, shoes, housing and groceries. Sheinbaum said Wednesday that her administration is already working up a list of possible retaliatory tariffs “if the situation comes to that.” “The economy department is preparing it,” Sheinbaum said. “If there are tariffs, Mexico would increase tariffs, it is a technical task about what would also benefit Mexico,” she said, suggesting her country would impose targeted import duties on U.S. goods in sensitive areas. House Democrats on Tuesday introduced a bill that would require congressional approval for a president to impose tariffs due to claims of a national emergency, a largely symbolic action given Republicans’ coming control of both the House and Senate. “This legislation would enable Congress to limit this sweeping emergency authority and put in place the necessary Congressional oversight before any president – Democrat or Republican – could indiscriminately raise costs on the American people through tariffs,” said Rep. Suzan DelBene, D-Wash. But for Trump, tariffs are now a tested tool that seems less politically controversial even if the mandate he received in November’s election largely involved restraining inflation. The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world’s second largest economy. Biden administration officials looked at removing Trump’s tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly. Tariffs were “so new and unique that it freaked everybody out in 2017,” said Stumo, but they were ultimately somewhat modest. Trump imposed tariffs on solar panels and washing machines at the start of 2018, moves that might have pushed up prices in those sectors even though they also overlapped with plans to open washing machine plants in Tennessee and South Carolina. His administration also levied tariffs on steel and aluminum, including against allies. He then increased tariffs on China, leading to a trade conflict and a limited 2020 agreement that failed to produce the promised Chinese purchases of U.S. goods. Still, the dispute changed relations with China as more U.S. companies looked for alternative suppliers in other countries. Economic research also found the United States may have sacrificed some of its “soft power” as the Chinese population began to watch fewer American movies. The Federal Reserve kept inflation roughly on target, but factory construction spending never jumped in a way that suggested a lasting gain in manufacturing jobs. Separate economic research found the tariff war with China did nothing economically for the communities hurt by offshoring, but it did help Trump and Republicans in those communities politically. When Trump first became president in 2017, the federal government collected $34.6 billion in customs, duties and fees. That sum more than doubled under Trump to $70.8 billion in 2019, according to Office of Management and Budget records. While that sum might seem meaningful, it was relatively small compared to the overall economy. America’s gross domestic product is now $29.3 trillion, according to the Bureau of Economic Analysis. The total tariffs collected in the United States would equal less than 0.3% of GDP. The new tariffs being floated by Trump now are dramatically larger and there could be far more significant impacts. If Mexico, Canada, and China faced the additional tariffs proposed by Trump on all goods imported to the United States, that could be roughly equal to $266 billion in tax collections, a number that does not assume any disruptions in trade or retaliatory moves by other countries. The cost of those taxes would likely be borne by U.S. families, importers and domestic and foreign companies in the form of higher prices or lower profits. Former Biden administration officials said they worried that companies could piggyback on Trump’s tariffs — if they’re imposed — as a rationale to raise their prices, just as many companies after Russia’s invasion of Ukraine in 2022 boosted food and energy costs and gave several major companies the space to raise prices, according to their own earnings calls with investors. But what Trump didn’t really spell out is what might cause him to back down on tariffs and declare a victory. What he is creating instead with his tariff threats is a sense of uncertainty as companies and countries await the details to figure out what all of this could mean. “We know the key economic policy priorities of the incoming Trump administration, but we don’t know how or when they will be addressed,” said Greg Daco, chief U.S. economist at EY-Parthenon. AP writer Mark Stevenson contributed to this report from Mexico City.
Title: Who Has the Most Advanced Plug-in Hybrid System? Changan UNI-Z, Geely Xingyue L7, or BYD Song Pro?Among the many exciting moments in the world of sports, collaborations between two iconic brands often stand out for their creativity and uniqueness. Recently, the anticipation for the next season's away kit for FC Barcelona, designed in collaboration with the late basketball legend Kobe Bryant, has sparked a wave of enthusiasm among fans. This innovative partnership between the Catalan football club and the legendary NBA player represents a fusion of two worlds and a celebration of their mutual dedication to excellence.
The concept of "moderately loose and relaxed" encapsulates a nuanced approach towards managing economic conditions. It implies a certain degree of flexibility and accommodation in monetary policy, allowing for a measured level of stimulus to support economic recovery. At the same time, it suggests a sense of ease and stability, avoiding excessive intervention or distortion of market mechanisms. This delicate balance is crucial in promoting sustainable growth and preventing overheating or instability in the financial system.
Colman Domingo Details Why ‘The Madness’ Is a Drama for Today’s Era of Media Feeding Frenzies
As the situation continues to unfold, the international community has called for restraint and de-escalation, emphasizing the need for dialogue and diplomatic solutions to resolve the underlying conflict. The specter of further violence and instability in the region underscores the urgent need for all parties to exercise caution and seek peaceful avenues for resolution.
The announcement of the game's alpha test set for December 20th has sparked a wave of excitement among the gaming community. Lucky players selected to participate in the alpha test will have the exclusive opportunity to experience "From The Forgotten" before its official release. This alpha test phase will not only allow players to provide valuable feedback to the developers but also give them a sneak peek into the game's mechanics, balance, and overall gameplay experience.Trump’s tariffs in his first term did little to alter the economy, but this time could be different
In response to the incident, legal professionals have stepped forward to provide guidance to individuals who may have been affected by the situation. Among the key recommendations are:SANTA CLARA, Calif. (AP) — Brock Purdy threw one short pass in the open portion of practice for the San Francisco 49ers as he remains slowed by an injury to his throwing shoulder that has already forced him to miss a game. Purdy spent the bulk of the session of Wednesday's practice open to reporters as either a spectator or executing handoffs outside of one short pass to Jordan Mason. Purdy hurt his shoulder during a loss to Seattle on Nov. 17. He tried to throw at practice last Thursday but had soreness in his right shoulder and shut it down. He missed a loss to Green Bay but was able to do some light throwing on Monday. His status for this week remains in doubt as the Niners (5-6) prepare to visit Buffalo on Sunday night. Purdy isn't the only key player for San Francisco dealing with injuries. Left tackle Trent Williams and defensive end Nick Bosa remain sidelined at practice Wednesday after missing last week's game. Williams was using a scooter to get around the locker room as he deals with a left ankle injury. Bosa has been out with injuries to his left hip and oblique. Bosa said the week off helped him make progress and that he hopes to be able to take part in individual drills later in the week. Bosa wouldn't rule out being able to play on Sunday. "It’s feeling a lot better,” Bosa said. “Still need to get better before I’m ready to go. This week will be big and I’ll know a lot more in the next couple of days.” Running back Christian McCaffrey has been able to play, but isn't back to the form that helped him win AP Offensive Player of the Year in 2023 after missing the first eight games this season with Achilles tendinitis. McCaffrey has 149 yards rushing in three games back with his 3.5 yards per carry down significantly from last season's mark of 5.4. But he is confident he will be able to get back to his usual level of play. “When you lose and maybe you don’t jump out on the stat sheet, your failures are highlighted,” he said. “I’m happy I’m out here playing football and I just know with time it will come.” Coach Kyle Shanahan said he has liked what he has seen from McCaffrey, adding that there hasn't been much room to run in recent weeks. But Shanahan said it takes time to get back to speed after McCaffrey had almost no practice time for nine months. “Guys who miss offseasons and miss training camp, usually it takes them a little bit of time at the beginning of the year to get back into how they were the year before, let alone missing half the season also on top of that,” Shanahan said. “I think Christian’s doing a hell of a job. But to just think him coming back in Week 8 with not being able to do anything for the last nine months or whatever it is, and to think he’s just going to be in MVP form is a very unrealistic expectation.” NOTES: LB Dre Greenlaw took part in his first practice since tearing his Achilles tendon in the Super Bowl. Greenlaw will likely need a couple of weeks of practice before being able to play. ... LB Fred Warner said he has been dealing with a fracture in his ankle since Week 4 and is doing his best to manage the pain as he plays through it. ... CB Deommodore Lenoir didn't practice after banging knees on Sunday. His status for this week remains in question. ... DT Jordan Elliott (concussion), OL Aaron Banks (concussion) and LB Demetrius Flannigan-Fowles (knee) also didn't practice. ___ AP NFL: https://apnews.com/hub/NFL Josh Dubow, The Associated Press