Breitbart economics and finance editor John Carney breaks down President Donald Trump’s reason for threatening tariffs and dissects NPR’s failed fact-check on ‘The Bottom Line.’
The White House on Friday confirmed that President Donald Trump will implement tariffs on Mexico, Canada and China this weekend.
Press secretary Karoline Leavitt said thatTrump will impose a 25% levy on imports from Mexico and Canada and a 10% tariff on imports from China, beginning on Saturday, in response to the “illegal fentanyl that they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans.”
TRUMP’S PROPOSED TARIFFS COULD DRIVE UP FOOD PRICES, EXPERTS SAY
“These are promises made and promises kept by the president,” she said.
The comments came just after he signed an executive order titled “America First Trade Policy” which instructed government officials to “investigate the causes of our country’s large and persistent annual trade deficits in goods, as well as the economic and national security implications . . . ,” the order said.
President Donald Trump delivers his inaugural address after being sworn in as the 47th president in the Rotunda of the U.S. Capitol on Jan. 20, 2025, in Washington, D.C. (Chip Somodevilla/Pool/AFP via Getty Images / Getty Images)
However, his recent actions against China are far lower than his initial threats he made during his campaign. He pledged a universal 10% to 20% tariff on imports from all foreign countries, along with an additional 60% to 100% tariff specifically on imports from China.
TRUMP’S TARIFFS WOULD DRIVE UP CONSUMER PRICES: NATIONAL RETAIL FEDERATION
However, Democrats and opponents argue that the cost of the tariffs would just be passed on to American consumers. Over the past several months, several retailers have raised concerns about the prospect of tariffs pumping up the costs of their products or even forcing them to cut back on inventory.
Oracle founder Larry Ellison listens to President Donald Trump speak in the Roosevelt Room at the White House on Jan. 21, 2025, in Washington, D.C. (Jim Watson/AFP via Getty Images / Getty Images)
For instance, Dollar Tree – which has high exposure to China – warned that if tariffs are implemented, the company might have to change product details or sizes and even stop carring items altogether if they become too expensive.
A Walmart spokesperson said in a statement to FOX Business that the company remains “concerned that significantly increased tariffs could lead to increased costs for our customers at a time when they are still feeling the remnants of inflation.”
Meanwhile, Wall Street titan Goldman Sachs also raised concerns that hiking the levies on products will drive up costs for everyday Americans.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
David French, the National Retail Federation’s executive vice president of government relations, said the United States “needs a review of our trade relationships to be sure that those relationships are structured to achieve fair, balanced and effective outcomes for American workers and businesses.”
“Tariffs are taxes paid by Americans, and any new tariff tax increases should be methodically and effectively deployed toward only the most strategic goods,” French said. “Undertaking a strategic assessment of trade priorities is an important first step.”
FOX News’ Greg Norman contributed to this report.