Donald Trump "loves" tariffs. It’s “the most beautiful word in the dictionary” and “his favorite word.”
In his mind, they are the cure-all for virtually everything that ails the United States. They will fix the country’s slowing economy, provide jobs, restore manufacturing, end illegal drug imports, halt illegal immigration, balance trade accounts and even balance the federal government’s books.
During the campaign, Trump promised universal tariffs of up to 20% on all imports to the U.S. China was threatened with a 60% rate or more for all its goods. The U.S. president-elect has since threatened to impose a 25% tariff on all goods coming from Canada and Mexico, and an "additional" 10% levy on all goods from China. For China-made electric vehicles, he says the tariff will be 200%.
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