Trump’s threat to impose tariffs on Mexico, Canada and China sends global markets into turmoil: live updates

Trump’s threat to impose tariffs on Mexico, Canada and China sends global markets into turmoil: live updates

Special Counsel Jack Smith is moving to dismiss charges against Donald Trump in election interference and classified information cases

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President-elect Donald Trump has vowed to impose massive tariffs on China, Canada and Mexico to stop drug smuggling. The announcement sent markets reeling on fears of a new trade war with Beijing.

The threatened double-digit tariffs would likely have a significant impact on key sectors of the U.S. economy, including automobile manufacturing, crude oil and agriculture, all of which affect trade with target countries.

The measures could also further drive inflation and hit the American consumer.

Meanwhile, Trump reportedly plans to give his Cabinet nominees “broad security clearances” and delay their FBI background checks until his own officials have taken over the office.

The Republican spent Monday evening celebrating a major legal victory after Justice Department special counsel Jack Smith requested that federal election interference and classified information charges against him be dropped.

Citing precedent that prevents a sitting president from being indicted, Smith said his team was treating Trump like a sitting president and called for the cases to be dropped.

Smith emphasized that the reason for the motions had nothing to do with the strength of the evidence collected, which he found compelling.

Mexico threatens retaliation after Trump promises high tariffs

President Claudia Sheinbaum suggested on Tuesday that Mexico could retaliate with tariffs of its own after U.S. President-elect Donald Trump threatened to impose 25% import tariffs on Mexican goods if the country does not stop the flow of drugs and migrants across the border .

Sheinbaum said she was willing to engage in conversations on the issue but said drugs are a U.S. problem.

“The response would be one tariff following another and so on until we endanger shared enterprises,” Sheinbaum said, referring to U.S. automakers that have plants on both sides of the border.

She said Tuesday that Mexico has done much to stem the flow of migrants, noting that “caravans of migrants are no longer reaching the border.”

If Trump targets Britain, Levi’s and Jack Daniel’s are on the ‘tariff hit list’

Sir Keir Starmer could raise taxes on American staples such as Harley Davidsons, Jack Daniel’s whiskey and Levi’s jeans if Donald Trump targets Britain with tariffs.

The Prime Minister has been urged to make Britain “Trump-proof” after the president-elect threatened to unilaterally impose massive tariffs on imports into the US overnight on his first day in office.

Archie Mitchell Reports from London.

Oliver O’ConnellNovember 26, 2024 5:45 p.m

What can American consumers expect from Trump’s proposed tariff plan?

While Donald Trump claims his tariff plan will hurt U.S. trading partners, what does that actually mean for American consumers?

Oliver O’ConnellNovember 26, 2024 5:31 p.m

Eric Trump shows he has no idea how tariffs work

Donald Trump’s second son went on to rant about costing the three countries’ economies “billions,” but without acknowledging the impact the tariffs are having on American consumers as prices of imported goods are inevitably raised in response.

Gustaf Kilander has the story.

Oliver O’ConnellNovember 26, 2024 5:25 p.m

COMMENT: When it comes to trade and tariffs, Trump’s bark is worse than his bite

According to Donald Trump, “the most beautiful word in the dictionary” is tariffs.

It says a lot about the values ​​of the US president-elect – no doubt we can all think of many other words – but this is his decision and we must live with the consequences.

True to form, we got a taste of what was to come today when he fired the first salvo, promising to impose 25 percent duties on all imports from Canada and Mexico and an additional 10 percent on Chinese goods. They come into force on the first day of his term in office. The tariffs would remain in place “until drugs, especially fentanyl and all illegal aliens, stop this invasion of our country.”

The use of capital letters is for orientation purposes. This will be a commander-in-chief who, at least for the time being, will not tolerate any resistance, who will see trade as a way to impose social and domestic policies on other nations.

Oliver O’ConnellNovember 26, 2024 5:05 p.m

What do economists think of Trump’s tariff proposal?

Economists are generally skeptical and consider tariffs a mostly inefficient way for governments to raise money. They are particularly concerned about Trump’s recent proposed tariffs.

Carl B. Weinberg and Rubeela Farooqi, economists at High Frequency Economics, said Tuesday that energy, automobiles and food supplies will be particularly hard hit.

“Imposing tariffs on trade flows into the United States without first preparing alternative sources of the affected goods and services will immediately drive up the price of imported items,” Weinberg and Farooqi wrote. “Because many of these goods are consumer goods, households are becoming poorer.”

High Frequency Economics believes the threats are not intended to support new trade policies, but rather are a tool to bring about some changes along borders and for imports from Canada, Mexico and China.

Oliver O’ConnellNovember 26, 2024 4:58 p.m

MSNBC host says three good things about Pete Hegseth before delivering blistering attack…

MSNBC host Jen Psaki took the opportunity this week to offer and point out several compliments for President-elect Donald Trump’s controversial choice as defense secretary Pete Hegseth He is credited with his military service and his talent as a television presenter.

At the same time, the former White Press press secretary delivered a scathing criticism of the former Fox News star’s ability to lead the Pentagon.

Justin Barangoa has the story.

Oliver O’ConnellNovember 26, 2024 4:45 p.m

There is “no higher priority” for Giuliani than complying with court orders regarding property, judge says

Alex Woodward Reports from the federal courthouse in Lower Manhattan, where Rudy Giuliani appeared in court this morning for a status conference on his real estate turnover case related to his defamation verdict.

Donald Trump's former lawyer and former New York mayor Rudolph Giuliani is coming to federal court in his case to return valuables to Georgia election workers he was proven to have defamed
Donald Trump’s former lawyer and former New York mayor Rudolph Giuliani is coming to federal court in his case to return valuables to Georgia election workers he was proven to have defamed (REUTERS)

Judge Lewis Liman ruled that the former Trump lawyer’s “social schedule” for the president-elect’s inauguration was not an excuse for him to skip an upcoming trial in the case.

Liman also warned Giuliani that he could face sanctions if he continues to evade court orders to turn over related property to the two women he defamed and who are trying to collect the nearly $150 million he owes them.

Judge Liman issued an “advice or warning” to stick with the orders after plaintiffs’ lawyers said they had not yet received title to a Mercedes-Benz convertible.

Then Giuliani spoke up from the defense table, raising his voice and saying that “every suggestion” the judge made about him was “false” and that he was having trouble keeping up with orders despite being short on cash.

“I don’t have a penny and it’s their fault!”

Finally, Liman warned Giuliani’s new lawyer – his lawyers formally resigned at the start of today’s hearing, without a handshake or a nod from their former client – that “it should be no higher priority for your client than following the court’s orders, Point.” “

Oliver O’ConnellNovember 26, 2024 4:34 p.m

Trump’s drastic tariff increases could accelerate China’s shift to new markets and offshore factories

Visitors buying refrigerator magnets in Times Square or other New York tourist hotspots in recent years were most likely buying the work of Du Jing or one of her fellow exporters in a small Chinese city that supplies the United States and the world with tons of small goods .

You and her husband run Yiwu Xianchuang Handicraft Manufacturing in the eastern city of Yiwu, home to the largest wholesale market in the world. Products from here — from plush toys to glass vases to portable toolboxes — are sold in stores and online platforms around the world, including to U.S. consumers on Amazon.

The United States has been a major destination for Chinese goods for years, but exporters like those in Yiwu have reduced their dependence on the world’s largest consumer market as Beijing and Washington spar over trade. Some have shifted production to Southeast Asia and other parts of the world to avoid U.S. tariffs on Chinese goods.

The Fox News host apologizes after mixing up photos of Fani Willis and Letitia James on-air

During part of The Ingraham AngleThe moderator criticized the prosecutors, district attorneys and judges who had brought criminal charges against Donald Trump or conducted cases against Donald Trump, calling them “modern-day Keystone cops.”

Ariana Baio has the story.

Oliver O’ConnellNovember 26, 2024 4:05 p.m

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