Overview

• Donald Trump confirmed plans to impose a 10% tariff increase on Chinese imports and a 25% tariff on goods from Canada and Mexico starting January 2025.
• U.S. companies are rushing to stockpile Chinese goods before the tariffs take effect, causing a 7% surge in Chinese exports for the final quarter of 2024.
• Italian exporters, particularly in cheese, wine, and olive oil, are accelerating shipments to the U.S. in anticipation of potential future tariffs on European goods.
• Global markets reacted negatively, with European automotive stocks, including Stellantis, Renault, and Volkswagen, experiencing significant declines due to fears of expanded tariffs.
• Economic analysts warn that the proposed tariffs could increase consumer costs in the U.S., harm small businesses, and reduce household incomes by up to $1,700 annually.