Reversal! Trump changed his words again → exempted tariffs!
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In the early morning of March 6, Beijing time, White House Press Secretary Levitt announced thatThe United States will impose one-month tariff exemptions on cars imported through the US-Mexico-Canada Agreement.
In addition, Trump is preparing to sign an executive order to revitalize the U.S. shipbuilding industry and weaken China's maritime status, including:Charge fees for Chinese ships and cranes, set up a White House shipbuilding office, increase shipyard wages, and improve government procurement processes.
Trump's tariff imposition has caused warnings from many parties: the United States may be hit hard, product prices are expected to rise, and retail giants have also expressed concerns about price increases.
Trump changed his words again! Give one month tariff exemption
In the early morning of March 6, Beijing time, yesterday afternoon local time in Eastern China, White House Press Secretary Levitt said that the United States will impose one month tariff exemptions on cars imported through the US-Mexico-Canada Agreement.
US President Trump spoke with Canadian Prime Minister Trudeau on a phone call to discuss tariffs on March 5 local time, US President Trump spoke with Canadian Prime Minister Trudeau to discuss tariffs between the two countries. Trump said he told Trudeau that Trudeau's "weak" border policy caused a large number of fentanyl and illegal immigrants to the United States, killing many people. Trump said his call with Trudeau ended in a friendly way “to some extent.”
Earlier, US President Trump spoke with Canadian Prime Minister Trudeau on March 5 to discuss tariffs. Trump accused Trudeau of his “weak” border policy of causing fentanyl and illegal immigration, while announcing tariffs on Canadian and Mexican goods.
This measure officially came into effect on March 4, imposing a 25% tariff on products from Canada and Mexico, of which the 10% tariff on Canadian energy products. However, in the March 6 news, the United States temporarily exempted tariffs on imported cars through the US-Mexico-Canada Agreement for a period of one month.
The US-Mexico-Canada Agreement is a trade agreement signed by the Trump administration on January 29, 2020, aiming to update and replace the previous North American Free Trade Agreement. The agreement officially came into effect on July 1, 2020, requiring 75% of the components of automobiles produced in North America to be produced in the region before they can enjoy zero tariff preferential treatment, with the previous proportion being 62.5%. In addition, the agreement requires 40% to 45% of automotive parts to be produced by workers with an hourly wage of no less than , aiming to encourage the transfer of automobile assembly plants to the United States and Canada.
Trump's tariff measures have sparked widespread controversy. The policy is widely opposed by the American business community, investors and economists, fearing rising prices and economic damage. Canada and Mexico have also adopted retaliatory tariff measures. In addition, the European Commission has also criticized the United States' approach and called on the United States to reconsider its trade policy.
Trump to sign executive order to charge Chinese ships and cranes
According to US media reports, the Trump administration is preparing to sign an executive order aimed at weakening China's dominance in the global maritime industry and revitalizing the U.S. shipbuilding industry. The executive order includes 18 specific measures, including charging fees for Chinese-made ships and cranes entering U.S. ports to incentivize the country's shipbuilding industry; setting up special shipbuilding offices in the White House to fight China's shipbuilding industry; raising wages for workers in nuclear shipyards, etc.
The Trump administration believes that China's dominance in the shipbuilding industry poses a threat to the United States, so it hopes to reduce its dependence on foreign-built ships through these measures and stimulate the construction of domestic ships in the United States. The measures draw on several years-old bipartisan proposals aimed at restoring the competitiveness of the U.S. shipbuilding industry.
This policy trend of Trump has aroused widespread criticism and opposition. Maritime companies, global trade organizations and China have expressed concerns that these measures will have far-reaching impacts on global trade and economic growth. Especially for China's shipbuilding industry, this could lead to a decline in its market share and increase production costs. Meanwhile, American farmers' organizations also warned that these tariff measures could increase farmers' planting costs and put them in deeper dilemma.
Widespread opposition to Trump's tariff policy from all walks of life in the United States
Trump's measures to impose tariffs on goods in countries such as Mexico and Canada have sparked widespread concerns among the U.S. business community and consumers. The chief executive of Target, a large comprehensive retailer in the United States, said the tariff policy could lead to rising agricultural products prices as early as this week. At the same time, representatives of many American toy companies also said that the imposition of tariffs will increase the price of goods they sell. In addition, chief economist of the American Federation of Home Builders stressed that the comprehensive tariffs on Canadian timber will directly push up the cost of building new houses.
Buffett, a well-known American investor, warned that the policy of imposing tariffs has a negative impact on consumers, and over time, the imposition of tariffs will become the commodity tax for consumers. Economists also pointed out that tariff policies may lead to price increases and economic damage, which will have adverse effects on the US economy.
Trump's tariff policy has also aroused widespread attention and criticism from the international community. Canada and Mexico have taken retaliatory tariff measures, and the European Commission has also called on the United States to reconsider its trade policy. These measures may lead to further deterioration of the global trade environment and increase uncertainty.
The Trump administration's tariff policy has sparked widespread controversy and opposition. Although the government attempts to revitalize domestic industries and weaken the status of foreign competitors through these measures, the actual results may not be as expected. Instead, these policies could lead to price increases, economic damage and tensions in international relations. Therefore, in the future, the US government needs to consider the interests and influences of all parties more cautiously and comprehensively when formulating trade policies.
