Trump's China, Mexico & Canada Tariffs 'A Reality Check' For Investors

President Donald Trump delivered on his threat to hit Canada and Mexico with sweeping import levies and doubled an existing charge on China, spurring swift reprisals that plunge the world economy into a deepening trade war.

The US new tariffs — 25% duties on most Canadian and Mexican imports and raising the charge on China to 20% — impact roughly $1.5 trillion in annual imports, an expansive move signaling to markets that the Republican president is committed to wielding import duties to obtain fresh revenue and create domestic manufacturing jobs.

Joseph Lavorgna is the Former Chief Economist for the White House National Economic Council during Trump's first administration and SMBC Nikko Securities American Chief US Economist . He spoke with Kailey Leinz and Joe Mathieu on Bloomberg's "Balance of Power" in the hours before the levies officially came into effect.

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