6 events in Passaic County with a date

Trump's tariff plan would have major impact locally

NJ spends billions yearly on product from Canada, Mexico

By: Daniel Munoz
NorthJersey.com
USA Today Network - New Jersey

..... President-elect Donald Trump vowed Monday [11/25/2024] that on his first day in office he would impose a 25% tariff on all products coming into the United States from Canada and Mexico.
..... Trump said on his social media platform Truth Social that once he takes office on January 20, 2025, the tariffs would remain in place until both nations clamp down on drugs coming into the U.S. particularly fentanyl, as well as migrants crossing the U.S. border.
..... Trump said in another Truth Social post that he also would levy a 10% tariff on top of existent tariffs on Chinese products coming into the United States. All three nations rebuked Trump over the announcement.
..... The move would violate a free-trade deal Trump championed in 2020, known as the U.S.-Mexico-Canada Agreement, which called for duty-free imports among the three nations.
..... William Reinsch, a former president of the National Foreign Trade Council, told Reuters that Trump could use ht threat of tariffs to renegotiate the agreement.
..... Tariffs would have far-reaching implication for New Jersey, which does tens of billions of dollars in trade with Canada and Mexico.
..... "Despite Trump's assertions to the contrary, tariffs are paid by the companies or entities importing goods and not by the countries themselves," said Neil Saunders, a retail analyst and managing director of GlobalData.
..... "This means the cost of buying products from overseas, whether directly or as an input for manufacturing, would rise sharply," he said.
..... New Jersey annually imports $8.9 billion worth of goods from Canada and sends $8.8 billion to our northern neighbor, said a 2022 report from the Canadian consulate General in New York.
..... New Jersey imported $7.6 billion from Mexico in 2023 and exported $3.3 billion worth of goods to Mexico, reported the nation's foreign ministry.
..... These were the most-imported products from Mexico to New Jersey in 2023:
* Bakery and tortilla products.
* Oil and Gas.
* Audio and video equipment.
* Beverages.
* Navigational, measuring, medical and control instruments.
..... These were the most-imported products from Canada to New Jersey in 2022:
* Crude petroleum.
* Copper
* Fuel Oil
* Perfumes, essential oils and toiletries.
* Plastics.
..... In September Governor Phil Murphy visited Canada for a three-day trade mission meant to highlight economic ties with New Jersey.
..... Murphy met with several Canadian economic officials during the trip and signed several non-binding agreements meant to grow economic relations between Canada and New Jersey.
..... China is the country that ships the largest volume of goods to the Port of New York and New Jersey by far. It sent 1.33 million metric tons of products in 2022, well ahead of India's 390,000.

..... This article contains material from USA Today and Reuters. Email munozd@northjersey.com and Facebook.

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