Don’t see any method at all
This administration is, in addition to everything else, exhausting:
President Donald Trump said in a Thursday letter that he will raise taxes on imported goods from Canada to 35%, deepening a rift between two North American countries that have suffered a debilitating blow to their decades-old alliance.
The letter to Canadian Prime Minister Mark Carney is an aggressive increase to the top 25% tariff rates that Trump first imposed in March after months of threats. Trump’s tariffs were allegedly in an effort to get Canada to crackdown on fentanyl smuggling despite the relatively modest trafficking in the drug, though he also expressed frustration with a trade deficit with Canada that largely reflects oil purchases by America.
“I must mention that the flow of Fentanyl is hardly the only challenge we have with Canada, which has many Tariff, and Non-Tariff, Policies and Trade Barriers,” Trump wrote.
The higher rates would go into effect Aug. 1, creating a tense series of weeks ahead for the global economy as recent gains in the S&P 500 stock index suggest many investors think Trump will ultimately back down on the increases.
While multiple countries have received tariff letters this week, Canada — America’s second largest trading partner after Mexico — has become something of a foil to Trump. It has imposed retaliatory tariffs on U.S. goods and pushed back on the president’s taunts of making Canada the 51st state. Mexico has also faced 25% tariffs because of fentanyl, yet it has not faced the same public pressure from Trump.
One of the many problems with this:
We’ll see if Carney can convince Trump that his sideburns have been shaved before the tariffs go into effect.