#TrumpCryptoSupport #TariffTensions Tariffs take a toll on America’s imports
Nearly a year after Donald Trump began raising tariffs, their effects are starting to show in America’s trade data. Between August and October the merchandise-trade deficit fell by 40% year on year. Tariffs have affected trading partners differently. Imports from China fell by 42%, and those from Canada by 9%. Imports from Mexico, meanwhile, rose by 4% and those from Vietnam soared by 34%. The disruption will remain visible in trade figures for November, due on Thursday.
Although tariffs are at their highest levels since the 1930s, they are lower than Mr Trump threatened they would be. Importers hoping for stability, however, may be disappointed. This week Mr Trump proposed new levies on South Korea and Canada. Betting markets expect the Supreme Court to rule soon against some of Mr Trump’s tariffs, which could lead to another chaotic resetting of levies. And later this year the United States-Mexico-Canada Agreement is up for review.
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