New Delhi, Nov 29 (IANS): US President-elect Donald Trump has been making a lot of noise about how he is going to help America with tariffs but "I doubt that it could happen", ace American investor and financial commentator Jim Rogers has stressed.
Trump has threatened to impose tariffs on Mexico and Canada -- two of his main trading partners -- right on the day when he assumes office on January 20, unless they resolve such issues as immigration or drug trafficking.
“Tariffs are never good for anybody, including the people who think they're being protected. So I hope that they go away,” Rogers told IANS in an interaction.
The US President-elect’s proposal to slap tariffs on Mexico and Canada could threaten the regional job market and create economic uncertainty, according to the Employers' Confederation of the Mexican Republic (Coparmex).
The tariff threats "generate uncertainty in strategic sectors and jeopardise millions of jobs" reliant on trade between the three countries. A trade conflict between Mexico and the United States would have 'devastating effects' on both economies.
Rogers said that he has read enough history and economics to know the tariffs are not good.
“Even people who impose tariffs do not benefit very much,” the global investor said.
Jim Rogers, known for his expertise and strategic insights, had earlier raised concerns over Trump’s ‘America First’ policy. According to him, Trump’s approach would negatively impact the US and the broader world economy.
The US is already dealing with inflation issues and high tariffs might push the central bank to maintain elevated interest rates, he said.
Earlier this week, Trump announced his intention to sign orders on his first day in office in January that will impose a 25 per cent tariff on all goods from Mexico and Canada, unless they stop the flow of illegal immigrants and fentanyl drugs through their countries into the US.
Trump also announced he would slap a tariff of 10 per cent over and above existing rates on goods from China if it did not act decisively to stop fentanyl from coming to the US.