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Welcome to logoff. Donald Trump suspended military aid in Ukraine on Monday night. This is a freeze that completely covers Ukraine's position ahead of planned peace talks with Russia. We will continue to track that dispute, but today we are focusing on the mixed chaos surrounding Trump's repeated, different tariffs. To be clear, they're still on – for now. And if they stay, they will have a major impact on the global order and your finances.
Latest: Trump hit Canada, Mexico and China on Tuesday with new tariffs. Importers currently pay 25% tax on Mexican and Canadian products (10% for Canadian Energy). Trump has also raised tariffs on goods from China from 10% to 20%.
Canada has already responded to 25% tariffs on certain US goods, China has announced retaliation against US agricultural products and high-tech companies, and Mexico has pledged to respond in the coming days.
How will the trade war affect me? If the duties continue, expect importers to pay more on all long listings of products, from gasoline to food to new homes, as they pass taxes to consumers. And if the trade war escalates, expect prices to continue to rise along with it.
What does this mean for the world? If tariffs continue (or escalate), they could unleash the global system of free trade and replace it with a new push for protectionism. If Trump changes course tomorrow and overthrows tariffs in Canada and Mexico, economic damage could be limited, but there is an even more strained relationship with the two closest allies. We will continue to post you.
And then it's time to log off. Yes, you can really log off from politics for the day. I know Trump is giving a big speech tonight, but I'll sum it up tomorrow morning in Vox. If you have time to save, would you recommend watching an Oscar-winning live-action short film? I'm not a robot It's a 22-minute gem, and ultimately about what it means to be human. I won't say anything more, but I hope you enjoy it. I'll see you here tomorrow.
