SerpApi.Org
Fox Business correspondent Charlie Gasparino warned on Tuesday that President Donald Trump’s new tariffs on Canada are coming at a terrible time for the economy, declaring “this is not a time to be screwing around here.”
“President Trump slapping an additional 50 percent tariff on roughly 20 billion dollars’ worth of Canadian imports. That includes everything from wine to hockey sticks to cement,” explained host Dagan McDowell on the Big Money Show.
“This is Canada, and it’s seen as a precursor or a pressure tactic to bring Canada into the USMCA bear hug. But also, there are the 10% tariffs—the baseline tariffs that President Trump put into place after the Supreme Court shot down the IEEPA tariffs. They have to be replaced; they’re expiring on the 24th of July. So also on deck are replacement tariffs. But who wants to talk about Canada?” McDowell added.
“Do you want me to jump in quickly?” said Taylor Riggs, adding:
This is an interesting note I read. Okay, so pushing those tariffs up to 50% on goods ex-energy will push the effective tariff up to three to three and a half percentage points. So now the total baseline tariff here would be 13.5%. What’s interesting, though, is that they’re saying wholesale prices would likely absorb 100% of that tariff, but consumer prices would only get 30 to 50% of it. So again, that tariff would add—I’m reading here—maybe half a percentage point to CPI under full pass-through, and maybe only 0.15 to 0.35, so less than half of one percent, under a more realistic pass-through, based on some other estimates we have.
So which, to me, doesn’t seem like a lot.
“And the last two months, core goods were actually deflationary, falling prices. So we can continue to have this debate over whether tariffs are inflationary or not. Either way, if there’s 100% pass-through, I don’t know if that adds a lot. But again, I just don’t think this is a consumer base that wants to see even a whiff of this,” Riggs concluded.
“I ordered my hockey sticks a long time ago,” Gasparino joked, asking, “What do we get from them?”
As the conversation continued, Gasparino added, “I can’t stand Canada.”
“They’re just too socialist, they’re just so woke, and they take for granted what we do for them, like protect them. So I intellectually want to—or emotionally want to—side with Trump on this thing, but intellectually and financially, I worry about tariffs. Everybody’s so worried, talking about the 10-year before. I mean, everything—this is not a time to be screwing around here,” he concluded.
Watch the clip above via Fox Business.
Jason Cohen contributed to this report.
The post Fox Business Journo Slams Trump’s New Canada Tariffs: ‘Not a Time to Be Screwing Around’ first appeared on Mediaite.
