President Donald Trump enacted 25% tariffs on Canada and Mexico on Tuesday, and 35% tariffs on China. The countries responded by placing equal tariffs of their own, with China blacklisting 20 US companies. Earlier today, Trump announced he would delay tariffs on Mexico for USMCA compliant goods. On Monday, the Dow fell by nearly 650 points as the market prepared for the tariffs.

The countries make up the top three export markets for the U.S. and 40% of the US import market. Trump said the tariffs on Canada and Mexico are intended to persuade them to help curb the flow of fentanyl and unauthorized migrants across US borders.

Voices on the left focused on how the tariffs will affect consumers, citing predictions of higher prices and weakened international relations. Voices on the right were divided on the tariffs, overall agreeing that prices will rise on certain items but differing on the effect tariffs will have on inflation and the economy overall.

The Washington Post (Lean Left bias) published an opinion saying, “Although tariffs on Chinese goods during Trump’s first term didn’t dramatically alter consumer behavior or the U.S. economy, economists say they expect a more pronounced fallout this time around. The newest tariffs, 25 percent on goods from Canada and Mexico, and another 10 percent on Chinese imports, take aim at longtime allies and have spurred promises of retaliation. Consumers, too, are likely to be less forgiving than they were in 2018 or 2019, after having already endured years of high prices.”

A Zerohedge (Lean Right bias) opinion added, “The negative news is that tariffs seem likely to be imposed, and even if they get relieved later on, some damage to the economy will be done. Mexico did deliver some cartel leaders to the U.S., so maybe they get another reprieve, which would be good for markets, but as a whole, my view is that no matter how tariffs play out, they are impacting the global economy negatively. Decisions are being made to front run them (which artificially propped up some data) but will leave companies somewhat frozen in terms of hiring decisions.”

Writers for the New York Times (Lean Left bias) argued, “Given national security concerns in the United States about closer ties with China, it’s not clear that the two sides could find agreement on any of these issues. And some analysts say that Mr. Trump’s moves to ratchet up tariffs are making any conciliation from the Chinese less likely, since Mr. Xi will not want to look as if he’s caving to Mr. Trump.”

A writer for Newsmax (Right bias) wrote on the increased price of gold, “While tariffs may be an easy scapegoat for short-term gold price movements, the bigger picture tells a different story. The explosive rise in gold prices, record-breaking central bank purchases, historic debt levels, and increasing distrust in paper gold markets all point to a global financial system under growing strain. The question isn’t whether gold will continue to rise—it’s whether the financial system can withstand the mounting pressures before a major recalibration takes place.”