oh god it's the end of the world said no Italian ever where a 1000 dollar item cost 1000 in duty tax.
one can safely bet that the recession will come first before inflation is back to 2%. fed will be forced to cut rates because of jobs, not because inflation is defeated.
Oil prices will collapse and fed will lower interest rates. Canada can bend over for China if Biden's butt gets sore.
Why don't we dissect this a bit. In terms of inflation, how do you think we've gotten to where we are? Wasn't it because of the COVID lockdown that eventually led to supply bottleneck? High tariffs will have the same undesirable effect and prices have nowhere to go but up.
Oil might be the only exception with Trump's "drill, baby, drill" policy. But elsewhere, I ain't so optimistic.
Think of it this way. If Trump does eat his word and carry out the largest deportation of illegal immigrants, then who will fill the void? So I don't think recession will be much of an issue. At least, not in the short run.
60% of fresh fruit and 40% of fresh vegetables are imported. You may ask what are the 60% of of fresh vegetables grown in the US ? they are mostly potato and corn.
Q: Hey yo, Chatty GPT, how much fertilizers are we importing from China? A: In 2023, the United States imported $32.72 million worth of fertilizers from China. The breakdown of the imports by type of fertilizer was: Mineral or chemical fertilizers, other: $13.88 million Animal or vegetable fertilizers, fertilizers produced by the mixing: $10.59 million Mineral or chemical fertilizers, nitrogenous: $7.81 million Mineral or chemical fertilizers, potassic: $244.12 thousand The United States is the third largest producer of fertilizer in the world, but still needs to import additional nitrogen, phosphorus, and potassium to meet its needs. China is one of the world's leading exporters of fertilizer, along with Russia and Canada.