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‘It doesn’t have to be this way’: Canada, Mexico and China respond to Trump’s tariffs
U.S. President Donald Trump on Saturday imposed long-threatened tariffs on imports from Canada, Mexico and China — and it didn’t take long for the countries to respond.
- U.S. President Donald Trump on Saturday signed an order imposing 25% tariffs on Mexico and Canada, as well as a 10% duty on China.
- In response to Trump’s announcement, Canadian Prime Minister Justin Trudeau announced retaliatory tariffs of 25% against $155 billion of U.S. goods.
- Mexico also vowed retaliation following news of the tariffs, although President Claudia Sheinbaum did not reveal specifics. China, meanwhile, stopped short of an immediate escalation.
Trump signed an order slapping 25% tariffs on goods from Mexico and Canada, and a 10% duty on Chinese imports, due to start on Tuesday. Energy resources from Canada face a lower, 10% tariff to “minimize any disruptive effects we might have on gasoline and home heating oil prices,” according to a senior administration official.
In the executive order, Trump said that if the countries — the U.S.’s three-largest trading partners — retaliate, it could be met with an “increase or expand in scope” of the duties already imposed.
More:
THREAD: It's hard to overstate how positive this development is for the American people.
Let's talk about how "de minimus entries" have been used to harm the American people and incentivize corruption for decades. (1/19)
(2/19) First, for a bit of background - “de minimus entries” refer to low-value shipments exempt from duties and taxes when imported into the United States.
(3/19) Under Section 321 of the Tariff Act of 1930, shipments valued at < $800 (this number was $200 before 2016) can enter the U.S. without paying import duties or undergoing rigorous customs screening.
(4/19) An international shipment valued at < $800 bypasses standard customs duties, taxes, and formal entry procedures. The rule applies per shipment, per day, per importer, so companies can split large orders into multiple small shipments to take advantage of this exemption.
(5/19) Because these shipments don’t undergo rigorous inspection, it's easier and faster for foreign sellers to ship products directly to U.S. consumers while avoiding proper due diligence.
"De minimus entries" are specifically harmful because:
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I guess the question is who punks out first, both Canada and Mexico have retaliated, China absolutely will....already people are calling this foul up the "Trump Tax".
Tariffs on Mexico on hold for 1 month:
The Internal Revenue Service (IRS) is building a $99-million supercomputer that will give the agency the “unprecedented ability to track the lives and transactions of tens of millions of American citizens,” tax expert Daniel Pilla reports.
The IRS is already dangerous enough, notes Pilla. “The IRS lays claim to your data without court authority more so than any other government agency...
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The U.S. Postal Service said Wednesday it will resume accepting inbound mail and packages from China and Hong Kong, just hours after it suspended service from those regions.
"The USPS and Customs and Border Protection are working closely together to implement an efficient collection mechanism for the new China tariffs to ensure the least disruption to package delivery," the agency wrote in a notice posted to its website. The change is effective immediately.
USPS announced late Tuesday it would stop accepting parcels from China and Hong Kong Posts "until further notice."
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The latest Kitco News Weekly Gold Survey showed industry experts as bullish as they’ve ever been on the yellow metal, while retail traders also saw further gains in gold’s near-term future.
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This week, 17 analysts participated in the Kitco News Gold Survey, with the bearish camp completely deserted as all respondents saw gold prices either rising or treading water. 15 experts, or 88%, expect to see gold prices set new nominal record highs during the week ahead, while two analysts, or 12%, saw stability or consolidation for gold next week. No one predicted a price decline for the precious metal.
Meanwhile, 170 votes were cast in Kitco’s online poll, with Main Street investors also very bullish, though not to the same degree as the experts. 120 retail traders, or 71%, looked for gold prices to rise next week, while another 33, or 19%, expected the yellow metal to trade lower. The remaining 17 investors, representing 10% of the total, saw gold trending sideways in the near term.
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This is nearly proof that Algo's completely control prices. GDX has what looks to be an almost Perfect correlation with SLV. It has far more gold miners and SHOULD be more correlated to GLD.
View attachment 15509
The gold ETF is outperforming the things that are supposed to be leveraged to Gold. Almost every time frame and GLD coming out on top.
View attachment 15510
Is there ANY stock that moves in a 'controlled-like manner' as silver and gold do? (other than GLD and SLV)
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