Weeks before taking office, President-elect Donald J. Trump is doubling down on tariffs. Even if the threat to impose them proves to be just a negotiating tactic or bluster, it is also a gambit that has immediate consequences. Ana Swanson, who covers trade for The Times, discusses whether tariffs worked in Mr. Trump’s first term and how they compare with the alternative approach used by President Biden.
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This is the daily weeks before taking office, Donald Trump is doubling down on tariffs as the way to bring back the millions of American manufacturing jobs that have been lost over the past 30 years.
Today, trade reporter Anna Swanson brings us a reality check on whether tariffs worked in Trump's first term and how they compare with the alternative approach used by President Biden.
It's Monday, December 2nd.
So, Ana, the world has spent the past few days absorbing Donald Trump's threat to impose enormous tariffs on America's three biggest trading partners.
25% tariffs on goods coming in from Mexico and Canada, 10% tariffs on goods coming in from China.
And in doing so, Trump said very loudly and very clearly that his approach to protecting American jobs and American manufacturing is back.
Yeah.
And these are really large levels of tariffs.
So this action is going to raise tariffs on some of America's closest allies, like Canada and Mexico, to levels that the country hasn't seen since the 1950s.
Trump has tied this round of tariffs to goals for stopping immigration and drugs entering the United States.
But typically he sees tariffs as his primary tool for bringing manufacturing jobs back to the United States and helping the U.S.
economy.
Right.
And he has really extensive plans to impose them around the world with our trading partners in order to do that.