Donald Trump’s second presidential term promises a return to tariffs as he pressures partners and rivals to tackle everything from migration to drug trafficking, while protecting US industries — in moves that could trigger new trade wars.
Even before taking office, Trump raised the prospect of fresh levies on companies, countries, and groups of states as he sought to implement his agenda.
He has vowed tariffs on Mexico, Canada and China until they crack down on fentanyl and border crossings, and he threatened “economic force” against Ottawa after suggesting Canada should become the 51st US state.
Trump also warned of 100 percent tariffs on BRICS nations — a bloc including Brazil, Russia, India, China and South Africa — if they create a rival to the US dollar.
New trade wars could rock the global economy, worsen tensions with Beijing and upend ties with allies.
US manufacturers, farmers and small business owners await his first moves, girding for higher import costs on anything from batteries to wines, while bracing for retaliation.
He said he understands the rationale of taxing a country that unfairly suppresses prices.
But “we’re concerned about any tariff that would apply broadly to wine and spirits, which is an industry that is not unfairly competing in any way,” added Francis Schott, who co-runs restaurants with Pascal.
Trump introduced a range of duties in his first term, including on steel and aluminum, and on Chinese imports as he waged an all-out trade war on the world’s second biggest economy.
In 2019, he imposed tariffs on European food and drinks as Washington and Brussels clashed over aviation subsidies.
While these were later suspended, restaurateurs worry their return would batter small establishments.
