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Donald Trump to increase tariffs on China, Canada, and Mexico
The Street
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11/26/2024
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Donald Trump’s proposed tariffs plan.
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Sports
Transcript
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00:00
I'm Conway Gittins reporting from the New York Stock Exchange.
00:02
Here's what we're watching on the street today.
00:05
Focus is on the retail sector this Tuesday.
00:07
Consumer confidence rose for the second straight month, according to the conference board,
00:11
with consumers upbeat about job prospects.
00:14
Some retailers, however, aren't seeing that show up in their business.
00:18
Best Buy posted quarterly results that missed analysts' forecasts.
00:23
Retail is in the spotlight for another reason as well, tariffs.
00:28
President-elect Donald Trump is rolling out the beginnings of his tariff plan on a post
00:32
on Truth Social.
00:33
He writes, quote, as one of my many first executive orders, I will sign all necessary
00:38
documents to charge Mexico and Canada a 35 percent tariff on all products coming into
00:44
the United States.
00:46
The U.S. is a major destination for its two biggest trading partners.
00:50
Eighty-three percent of all Mexican exports and 75 percent of all Canadian exports are
00:55
headed here.
00:57
Trump also took aim at China, threatening an additional 10 percent tariff tacked on
01:01
to existing tariffs.
01:04
Just how high these tariffs will go is unclear.
01:07
Trump has already vowed to strip China's status as a most-favored-nation trading partner
01:13
and impose tariffs of more than 60 percent.
01:16
It is important to note that the tariff threat isn't actually tied to bringing jobs back
01:20
to America.
01:21
In his social media post, Trump said the tariffs are in retaliation for Mexico not
01:26
stemming the flow of migrants and China not stopping the flow of illicit drugs like fentanyl.
01:32
Many economists worry Trump's tariff plans will spark a tit-for-tat trade war and stoke
01:37
more inflation at a time when Americans are already struggling with higher living costs.
01:44
That'll do it for your daily briefing from the New York Stock Exchange.
01:47
I'm Conway Gittins with The Street.
01:51
Thanks for watching.
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