BOSTON — President Trump delayed steep 25% tariffs on Canada and Mexico for 30 days after both countries agreed to boost security along their borders with the U.S.
Canada and Mexico are the United States’ two largest and closest trading partners. In a social media post, the president said he was pleased with the initial progress, but cautioned any extension of the 30-day pause could depend on whether long-term economic deals can be struck with the two countries.
Most trade organizations and consumer advocates warn tariffs will increase prices for Americans as companies importing goods to the U.S. pass the added costs on to buyers. But there’s disagreement about how much prices will increase, whether companies will attempt to absorb a percentage of the costs, and how long the tariffs may last.
The National Retail Federation, the world’s largest retail trade association, published a report in Novemberthat considered the potential impacts of increased tariffs under the Trump administration. The report looked specifically at a 10-20% across-the-board …