Tariff chaos

• President Donald Trump has introduced severe tariffs on trade with Canada, Mexico, and China, with further tariffs expected for other trading partners.

• The tariffs have sparked fears in Japan, South Korea, and Asia, particularly in North America’s automobile sectors.

• Trump signed three executive orders, imposing a 25% tariff on Canadian and Mexican goods, with a 10% tax on Canadian energy products.

• China also announced a 10% tax on goods from China, a move criticized by Beijing for alleged “wrongful practice.”

• Despite warnings from Ottawa and Mexico City, Trump’s calls to Mexican President Claudia Sheinbaum led to a one-month pause before the tariffs began.

• Trump has suggested the EU is next in the firing line, despite the UK receiving a reprieve for issues with Washington.

• The tariffs are seen as a response to the “national emergency” posed by illegal aliens and drugs, potentially dampening global trade and signaling the acceptance of weaponizing tariffs against unrelated inter-country disputes.