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Donald Trump tells Canada to become a state to avoid his tariffs (www.huffpost.com)
submitted 2 years ago by to c/worldnews@lemmy.ml
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cross-posted from: https://lemmy.world/post/24657192

Summary

In a virtual speech at the World Economic Forum, Trump suggested Canada could become a U.S. state to avoid his proposed tariffs on imports.

The remark elicited gasps from the audience.

Trump claimed the U.S. does not need Canadian lumber, energy, or vehicles, vastly overstating the trade deficit between the two nations.

He reiterated his intention to impose tariffs, potentially as high as 25%, on imports from Canada and Mexico starting February 1.

Economists warn such tariffs would raise prices for U.S. consumers.

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[–] 16 points 2 years ago*

When Dollar is replaced as the reserve currency, America's imports will shrink and there may be inflation. But it won't result it in defaulting on its domestic currency.

Any austerity on the US will be self-inflicted (as it is in the UK and Europe). The unwillingness of the US Government to take over the economy from the parasites will make things much worse.

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