New trade penalties against Canada, Mexico and China that President Donald Trump plans to impose Saturday represent an aggressive early move against America’s three largest trading partners, but at the risk of higher inflation and possible disruptions to the global economy.
In Trump’s opinion, the 25 percent tariffs against the two North American allies and a 10 percent tax on imports from Washington’s chief economic rival are a way for the United States to throw around its financial heft to reshape the world.
"You see the power of the tariff," Trump said to reporters Friday. "Nobody can compete with us because we have, by far, the biggest 'piggy bank.'"
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