Bloomberg Surveillance

The US Places Tariffs on China, Mexico, and Canada to Open Trade War

4 snips
Mar 4, 2025
Barbara Reinhard, CIO at Voya Investment Management, shares insights on why she believes it's a good time to buy equities despite the tumultuous market. Abby Joseph Cohen, a Columbia Business School professor, discusses the implications of Trump's economic policies, particularly the risks associated with cutting government research funding. They delve into how recent tariffs on Canada, Mexico, and China could reshape trade dynamics and affect investors, highlighting the importance of adapting investment strategies in a shifting economic landscape.
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ANECDOTE

Iowa Soybean Farmers' Discontent

  • Republican farmers in Iowa, who largely supported Trump, are now unhappy with the trade war.
  • Their soybean sales, a key product, are targeted by China's retaliatory tariffs.
INSIGHT

Political Importance of Soybeans

  • While autos and electronics are economically significant, soybean tariffs are politically sensitive for Trump.
  • Alienating his farmer base could weaken his political support.
ADVICE

Consumer Goods Price Hikes

  • Expect price hikes on consumer goods like strawberries, avocados, bananas, and vegetables.
  • These products are heavily imported from Mexico, and tariffs increase import costs.
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