Trump Pushes Forward with Tariffs on Mexico and Canada, Markets Plunge as Recession Fears Grow

President Donald Trump announced Monday that he will no longer delay the massive tariffs he planned to impose on Mexico and Canada, declaring, “No room left for Mexico or for Canada. No. The tariffs are all set, they go into effect tomorrow.”

Originally set to take effect at the start of last month, the tariffs were postponed for 30 days as Trump negotiated last-minute trade deals. However, with those negotiations now seemingly abandoned, the tariffs are expected to have a significant impact on American consumers, potentially raising the cost of everyday goods. The auto industry, in particular, is bracing for an average price increase of $12,000 per vehicle.

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The move comes as the European Union prepares a package of retaliatory tariffs aimed at Trump’s voter base should he decide to extend tariffs to European nations. Even some of Trump’s allies in Congress have begun expressing concerns over the economic consequences of his trade policies.

Financial markets responded swiftly, with the Dow Jones plunging approximately 650 points following Trump’s announcement. Social media erupted in reaction to the news, with commentators highlighting the potential fallout.

“You can watch the stock market tank in the bottom corner of Fox’s broadcast as Trump talks about tariffs,” noted independent journalist Aaron Rupar. Former GOP strategist turned Meidas Touch editor Ron Filipkowski warned, “Trump just made a new announcement about tariffs from the WH. Hopefully, you don’t have any retirement savings in the stock market.”

Tahra Jirari, Director of Economic Analysis at the Chamber of Progress, sarcastically commented, “Welcome to the Golden Age! More expensive groceries, construction material that will ultimately make it even more difficult to build, automobile parts prices increasing, and much more! That’s what we voted for right? Not cheaper groceries or anything?”

Dylan Williams, Vice President for Global Affairs at the Center for International Policy, noted, “Trump’s supporters who most wanted him to lower prices are going to be the first ones to suffer. But between this, totally unnecessary trade war and the chaos he is causing across the economy by gutting federal agencies, grants, and loans wholesale, the recession is coming for us all.”

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British radio host Mike Hughes of Leading Britain’s Conversation weighed in: “Apparently, the ‘art of the deal’ is to hike prices for American consumers…” Bloomberg columnist Matthew Yglesias criticized the administration’s inconsistent messaging on tariffs, writing, “The problem is that people in the Trump orbit articulate multiple, often inconsistent, accounts of what the ‘real point’ of the tariff policy is.

They then lash out angrily at critics for ‘not getting it’ rather than seeking some kind of internal coherence.” As the economic consequences of the tariffs unfold, the administration is likely to face growing scrutiny from both political opponents and financial markets, raising concerns over the long-term impact on American businesses and consumers.

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