Well, we are in yet another self-inflicted trade war that even the conservative Ruppert Murdoch’s Wall Street Journal, called the “The Dumbest Tariff Plunge Ever.” At midnight Monday the United States at President Donald Trump issued an order to place 25 percent tariff on goods and services against the United States three largest trade partners Canada, Mexico. and Mexico.
The action was called by the WSJ editorial board called the action against Mexico and Canada levies the ‘dumbest’ in history.”
Florida will feel the pain of the tariffs. Canada, Mexico and China are going to hit back and hard.
Prices of some products will increase for Florida consumers as a result of retaliatory tariffs will also the states sales of oranges, and vegetables. Canada was Florida’s second-largest export in 2022 with the country importing $5.3 billion in products from the Sunshine States, according to SelectFlorida.org.
This includes $566.9 million in mineral or chemical fertilizers, $382.2 million in civilian aircraft and engines, $166.5 million in electric circuits, $132.9 million in yachts and other vessels, and $106.8 million in vaccines, and human and animal blood. This was not just a one-way street Canada bought goods from Florida at a very impressive rate.
Canada has been Florida’s third largest source of imports that year, with $408.7 million in repaired exports, $268.1 million of furniture, $230.1 million of bread, cakes and pastries, $201.4 million in refined petroleum, and $197 million in turbojets and turbines.
According to the United States Department of Agriculture in 2023, almost three-quarters of the agricultural imports into the United States for Mexico consisted of vegetables, fruit, beverages and distilled spirits. If you were thinking of buying a car anytime soon you might want to holdoff.
Automakers ship tens of billions of dollars worth of automobiles, engines, transmissions and other components across the borders of both Mexico and Canada every week, and import billions more in parts from China. General Motors produces nearly 40 percent of all vehicles made in North America in Canada and Mexico.
Should you choose to buy a car gas prices are likely to go up. The United States imports about 60 percent of its oil from Canada. The tariff is lower than on other goods from Canada, and analysts expect it to be absorbed by a combination of oil producers in Canada and Mexico, U.S. refineries and U.S. consumers, The New York Times reported.
Want to buy a television, computer, a cellphone or anything electronic it is going cost you more.
Goods from China, especially computers, cellphones and video games, could become more expensive over the next couple of months. The United States imports about 60 percent of its footwear from China, and those prices could go up as well.
Residents in Florida continue to rebuild but now you better plan spent more cash. Most of the lumber comes from Canada.
So, soon Florida will find out why the Wall Street Journal was right.
