Trump Tariffs

President Trump has doubled down on one of his key campaign promises to impose tariffs on Canada, Mexico and China. If the tariffs on Canada and Mexico become effective, a 25% tariff will be imposed on virtually any type of product that is imported from these countries. A 10% tariff will now be imposed upon Chinese imports. Canada is the largest export market for products coming from many U.S. states and Mexico is often cited as the U.S.’ largest trading partner. Currently, the 25% tariff on Canadian and Mexican imports has been delayed for one month based on Mexico’s willingness to send 10,000 troops to the U.S.-Mexico border and Canada’s agreement to take additional steps to secure the northern border (including appointment of a new Canadian fentanyl tsar).

We asked two professors and authors of ALM’s Tax Facts with opposing political viewpoints to share their opinions about President Trump’s decision to impose tariffs on Canada, Mexico and China.

Below is a summary of the debate that ensued between the two professors.