(DCNF)—Economist Steve Moore warned other nations on Tuesday that challenging President Donald Trump on tariffs would significantly backfire on their economies.
In response to Ontario, Canada imposing a 25% tariff on electricity entering America, Trump announced on Truth Social Tuesday that he instructed the Commerce Department secretary to double the previously announced 25% tariff on Canadian steel and aluminum, asserting it would take effect Wednesday. Moore, on “The Faulkner Focus,” said that if Canada, Mexico, China and other nations continue to retaliate against Trump’s tariffs, it would only damage their own economies, arguing these nations will ultimately yield to the president.
“I’m not the hugest fan of these tariffs but I’ll tell you, I think that these other countries, Harris, like Mexico and China and Canada, are making a big mistake — a huge mistake — in thinking that they can win a kind of tit for tat game on this,” Moore told host Harris Faulkner. “Because Trump will not relent here and all they’re doing is ruining their own economy … All of these countries have higher tariffs than we do. So all Trump is talking about, Harris, is leveling the playing field so we have a fair playing field for American products.”
Trump has also said that Canada imposes a 250% to 390% tariff on numerous American dairy products. He added that if Canada does not agree to his terms, he will implement more tariffs on cars April 2.
“At the end of the day, Harris, what I’m going to predict is that Trump will prevail here ’cause he’s a winner. I would never bet against Donald Trump,” Moore said. “And I believe what’s going to happen is these other countries are going to be forced to lower their tariffs and [at] the end of the day, I actually think we’ll have freer, but fairer trade.”
“And I think Canada, Mexico, China, the Europeans — the Europeans have three times higher tariffs than we do, Harris,” he continued. “I mean, those have to come down. And I’m going to say this loud and clear one more time: if these countries think they can bully Trump, they’ve got it completely wrong. That’s not a game they can win.”
Trump imposed 25% tariffs on Mexico and Canada and a 20% tariff on China March 4 due to the countries’ roles in allowing illegal immigrants and fentanyl to flow into America. However, the president announced that he would postpone tariffs on Mexican imports for around a month in a Thursday Truth Social post.
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The Biggest Threat to Your Retirement Is Actually a Very Good Thing
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