Trump threatened with tariffs: Even before the elections Donald Trump announced that one of his first decisions as president would be to impose high tariffs on trade partners. In the case of America's neighbors (Canada and Mexico), they were to be as much as 25 percent, and in the case of China – 10 percent.
What will the new president do? According to the findings of the Wall Street Journal, Trump intends to postpone imposing tariffs on trading partners and will not do so on Monday. Instead, he will sign a “broad memorandum” ordering government agencies to prepare an assessment of trade relations with ChinaMexico and Canada.
A senior Trump policy adviser described the memorandum as an attempt to present Trump's trade policy vision “in a balanced way,” suggesting the new president is, at least for now, taking a more measured approach to the issue that has animated his political campaign. The memo provides a blueprint for further executive actions Trump could take on trade
– reports the Wall Street Journal. The memorandum on future trade policy is just one of many executive acts Trump is expected to sign immediately after taking office. They include, among others: declaration of a state of emergency on border with Mexico, repealing the Joe Biden administration's diversity, equity and inclusion directives, and lifting President Biden's restrictions on offshore drilling and on federal lands.
What awaits the US economy? – The most important thing for the US economy will be customs policy and the policy related to the energy resources that Trump wants to extract. However, it will be months before drilling gains momentum, so we will probably see Trump's energy policies in a year. Customs policy and giving up the fight for climate protection will be key, says Piotr KuczyÅ„ski, an analyst at the Xelion investment house, in an interview with Next.gazeta.pl.
– The United States will move more towards nationalism, protecting its own interests and moving away from globalization. This will undoubtedly hamper global trade – adds KuczyÅ„ski.