This is going to have hilariously predictable consequences.
Prices will fall for things we produce & prices will climb for things we don't. When Trump had a much smaller trade war in 2018 the price of corn fell by 20% over 2 months because countervailing tarrifs and it wasn't until Rona that they recovered.
Futures started pricing this in on Friday (all grains were down, meat was up) but Monday is going to be fun. Anyone who owns a farm in the US and isn't a corp who can hedge this is fricked.
First consumer price to see movement is going to be onions as they don't have a futures market. Anything that's harvest to supermarket in days-weeks will be next, anything that gets sprayed with water/is refrigerated.
We are also going to see next week if congress are going to hide in the corner while their authority is being usurped or not. POTUS doesn't have authority to do tarrifs like this absent a declaration of war.
Edit: Canada have already announced countervailing tarrifs. https://globalnews.ca/news/10992959/donald-trump-tariffs-canada-feb-1/ waiting for the schedule and hoping they are troll enough to stick 100% on Teslas for the lulz.
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Are any other non-Americans here kind of freaking out about this? It looks like our days of taking advantage of American generosity by flooding their market with cheap, foreign-made imports might be DONEZO. I guess I just never expected Donald to be such a tough, no-nonsense negotiator like this.
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All of the bush people sweetheart deals are over. Canada has to completely capitulate or their economy is toast. They will have to mass export their Chinese and Indians
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"The media is holding, but public opinion is starting to shift after decades of abandoning the working class in favor of foreign criminals. What do we do?"
"I know! Let's get everyone who stayed home on voting day to spread the word about a 2/5 protest. (And then not show up anyway)"
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I can't tell if this is satire or you genuinely believe the US was victimized by these trade relationships.
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