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A critical takeaway is the exemption of both Canada and Mexico from these tariffs due to the USMCA trade agreement, allowing for zero tariffs on compliant goods. Additionally, specific goods such as steel, aluminum, autos, and pharmaceuticals are also set to be exempt, albeit under complicated conditions.
President Trump's Goals with Tariffs
President Trump’s administration has marked three primary objectives with the introduction of these tariffs:
- Revitalizing Domestic Manufacturing: The administration aims to bring manufacturing jobs back to the U.S., reversing a substantial decline in the domestic manufacturing sector share of global output. By doing so, the goal is to create better-paying jobs and enhance the national defense supply chain.