FT News Briefing
The Trump trade war begins
Feb 3, 2025
Heavy tariffs on imports from Canada, Mexico, and China signal a new era of U.S. trade protectionism. The move could lead to rising consumer prices and provoke retaliatory actions. Meanwhile, the oil and gas industry's reliance on carbon credits raises questions about true environmental accountability. On another front, European governments are considering expanding defense collaborations with the UK and Norway amidst shifting geopolitical dynamics.
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Quick takeaways
- Trump's steep tariffs on Canada and Mexico heighten global trade tensions and threaten economic stability in affected nations.
- Shell's reliance on carbon credits raises concerns about the effectiveness of fossil fuel companies in achieving genuine climate change solutions.
Deep dives
Impact of Trump's Trade Tariffs
The imposition of steep tariffs by the U.S. on its main trading partners, including a 25 percent levy on imports from Canada and Mexico, represents a significant escalation in global trade tensions. President Trump's tariffs are partly linked to issues such as illegal immigration and drug trafficking, particularly concerning fentanyl. However, these tariffs are expected to drive prices higher for American consumers, affecting everyday goods including electronics like iPhones. Economists warn that prolonged tariffs could push both Canada and Mexico into recession, as their economies heavily rely on exports to the U.S., leading to a potential retaliatory trade war.
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