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Most Americans, like most Canadians, probably have no idea how important Canada is to American energy security and its comparatively cheap gasoline. But they may soon find out. Should Donald Trump’s threats of 25 per cent tariffs across the board on Canadian imports include oil and natural gas, there would be a crude awakening. American consumers would invariably be hit with price hikes at the gas pumps, should Canadian oil producers be hit with 25 per cent tariffs, as about one-third of American refining capacity is configured for heavy crude, most of which comes from Alberta’s oil sands. American LNG exporters would also feel the pain, as some of the natural gas used to feed LNG terminals on the Gulf Coast comes from Alberta and B.C. via pipeline. Trump’s threat of across-the-board tariffs on Canadian and Mexican imports is sending “shockwaves” through the Canadian business community, said Bridgitte Anderson, president of the Greater Vancouver Board of Trade (GVBOT) at an energy and resources forum Tuesday in Vancouver. “The president-elect is threatening 25 per cent across the board on all Canadian projects,” said Lisa Baiton, president of the Canadian Petroleum Producers (CAPP). “This would be catastrophic for Canada's economy. And these kinds of events underscore the impacts of global instability and show how our resource sector, the economy and national security are all highly interdependent.” B.C. lumber exports to the U.S. are already subject to duties of about 15 per cent. Presumably, blanket tariffs on Canadian goods would add another 10 per cent. During his previous administration, Trump implemented tariffs on Canadian steel and aluminum, but energy exports, like oil and gas were not included. While it’s not yet clear whether the threatened tariffs would include energy exports -- oil, natural gas and electricity -- Trump did make a point of upper-casing his threat to suggest they would apply to everything. “On January 20 th , as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25 per cent Tariff on ALL products coming into the United States, and its ridiculous Open Borders,” Trump wrote on his Truth Social network on November 24. The five top exports from Canada to the U.S., in order of value, are crude oil and refined petroleum products, automotive parts, natural gas, electricity, and lumber and wood products. Business groups and chambers of commerce in Canada are reacting to the threat with alarm. “A tariff of this magnitude will have significant consequences for B.C. businesses of all sizes and will negatively impact communities and workers across British Columbia,” said BC Chamber of Commerce president Fiona Famulak. “These proposed tariffs would have devastating consequences for our local businesses, further straining supply chains and diminishing the economic recovery we’ve worked so hard to achieve,” said Surrey Board of Trade spokesman Jasroop Gosal. “Some might say that the president-elect's tariff threat is meant to be provocative," Baiton said. “I would say it's expected. And Canada needs to remember how closely integrated our market is in the U.S. “Our supply chains are highly intertwined. In 2022, Canada exported, in U.S. dollars $438 billion to the US, and a significant portion of that – or 27 per cent of that -- Canada's merchandise exports to the U.S. were energy related, including oil, gas, electricity and uranium." What’s not well understood about Canada’s role in American energy security is the configuration of American oil refineries. Many of the large refineries in the U.S. – notably in the midwest and Gulf Coast -- are built to refine heavy crude, not the lighter oil produced in the U.S. in its shale oil sector. As a result of this, 61 per cent of the crude oil imported by the U.S. comes from Canada, according to the U.S. Energy Information Administration (EIA). Canadian heavy crude accounts for about 24 per cent of all crude oil consumption in the U.S. Depending on where oil prices are at, a 25 per cent tariff could add about $20 to the price of a barrel of oil for refiners, which would invariably result in higher prices for gasoline in the U.S. As for natural gas, in 2022, 99 per cent of American imports of natural gas were from Canada, according to the EIA, most of it from Alberta and B.C. The U.S. imported three trillion cubic feet of natural gas in 2022. Some of the natural gas now exported to the U.S. from Alberta and B.C. now feed LNG projects on the Gulf Coast, which would be affected by higher natural gas prices, as a result of tariffs. “Imposing tariffs on products like energy would cause chaos for our very integrated markets and our very integrated supply chains, and would have a devastating effect on Canada," Baiton said. "So whether that tariff threat comes to fruition or not, Canada is at a very real point of inflection.” [email protected] twitter.com/nbennett_bivNASHVILLE, Tenn. (AP) — Tennessee Titans coach Brian Callahan said Wednesday that wide receiver Treylon Burks , who's been on injured reserve since mid-October with an injured knee, recently had surgery to fix a partially torn ACL. “It was a loose ACL that wasn’t fully torn, and so they had to go see a specialist, so some weeks went by after he went on IR and he eventually had to have ACL surgery,” Callahan said. “The surgery was a couple of weeks back, and the time from when he went to IR until he had the surgery was also a couple of weeks.” Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get updates and player profiles ahead of Friday's high school games, plus a recap Saturday with stories, photos, video Frequency: Seasonal Twice a week

On November 27, the German Ambassador to Georgia, , gave an interview to the UN Global Compact Network Georgia, talking about Georgia’s stalled EU accession process, German-Georgian relations, and the impact of Georgia’s drift away from the EU on Georgia’s economy and investment attractiveness. Ambassador Fischer described the current state of German-Georgian relations as a crisis, saying: “We are at an impasse now.” He emphasized that the EU had granted Georgia candidate status as a “sign of love and affection,” despite the Georgian government’s failure to meet the nine conditions for candidacy. Following this gesture, however, he noted a shift in the Georgian government’s rhetoric and actions, including the reintroduction of the Foreign Agents law, which he called “gross contradiction” with EU values, and anti-LGBTQ legislation. He also criticized accusations against Germany and the EU of being “foreign agents”, attempting to drag Georgia into war in Ukraine, or promoting “liberal fascism”. Commenting on the GD government’s insistence that the EU integration process continues, Ambassador said that last June and then again in October, “the leaders of the European Union decided and wrote down in their decision that the accession process has come to a halt. It’s also written down. Nobody here bothers to read it, but I recommend to read it.” He further said: “The government is telling you, no, nothing is halted. We decide what’s halted and what’s not halted. The candidate doesn’t decide. So it’s halted, and if you ask me, I don’t see it coming back on track in the near future.” The Ambassador further spoke of the October 26 elections in Georgia, saying that “the way the election was conducted is not compatible with what we expect from a candidate country.” He said that “the accession process has come to a standstill” adding: “So it’s a crisis, and I think there’s a high risk that maybe you missed your opportunity.” Ambassador Fischer also highlighted the missed opportunities for Georgia’s business sector due to limited integration with the EU market, despite the Deep and Comprehensive Free Trade Agreement (DCFTA) in place since 2016. He noted that Georgian exports to the EU have only increased minimally, by about 2%, primarily due to non-compliance with EU standards, such as phytosanitary regulations for agricultural products. Fischer emphasized the importance of aligning with EU standards to access “one of the world’s “most prosperous markets”, warning that the current crisis in EU-Georgia relations and Georgia’s stalled European integration deter potential investors and undermine economic progress. He pointed out the attractiveness of the EU’s structured legal and business framework “that people know, that they feel familiar with, and that is also safe.” “That’s why we invest mainly, amongst ourselves,” he said adding that Georgia’s getting closer to the EU opens it for European businessmen. But Georgia’s drifts away from EU, he said, which has led to hesitancy among foreign investors, including German businesses. Some have reconsidered or even withdrawn their investments, such as Heidelberg Cement, which exited the Georgian market. Amb. Fischer argued that a lack of alignment with EU frameworks leaves Georgia as a small, emerging market in the South Caucasus with limited appeal for large-scale investment. He also warned of the negative effects of drifting away from the EU in terms of the impact on the national currency, the emigration of the young, the fluctuations in the stock market prices of Georgian companies that are listed on foreign stock exchanges and other factors.WASHINGTON (AP) — In the two weeks since Donald Trump won the presidency, he's tried to demonstrate his dominance by naming loyalists for top administration positions, even though many lack expertise and some face sexual misconduct accusations. It often seems like he's daring Congress to oppose his decisions. Read this article for free: Already have an account? To continue reading, please subscribe: * WASHINGTON (AP) — In the two weeks since Donald Trump won the presidency, he's tried to demonstrate his dominance by naming loyalists for top administration positions, even though many lack expertise and some face sexual misconduct accusations. It often seems like he's daring Congress to oppose his decisions. Read unlimited articles for free today: Already have an account? WASHINGTON (AP) — In the two weeks since Donald Trump won the presidency, he’s tried to demonstrate his dominance by naming loyalists for top administration positions, even though many lack expertise and some face sexual misconduct accusations. It often seems like he’s daring Congress to oppose his decisions. But on Thursday, Trump’s attempt to act with impunity showed a crack as Matt Gaetz, his choice for attorney general, withdrew from consideration. Trump had named Gaetz, a Florida congressman, to be the country’s top law enforcement official even though he was widely disliked by his colleagues, has little legal experience and was accused of having sex with an underage girl, an allegation he denied. After being plagued by investigations during his first presidency, Trump wanted a devoted ally in charge of the Justice Department during his second. However, it was never obvious that Gaetz could win enough support from lawmakers to get confirmed. Now the question is whether Gaetz was uniquely unpalatable, or if Trump’s other picks might exceed his party’s willingness to overlook concerns that would have sunk nominees in a prior political era. The next test will likely be Pete Hegseth, who Trump wants to lead the Pentagon despite an allegation of sexual assault that he’s denied. Sen. Thom Tillis, a North Carolina Republican who serves on the Senate Judiciary Committee, said the controversy over Gaetz would have little bearing on Trump’s choices for other positions. “One at a time,” he said. Sen. Richard Blumenthal, a Connecticut Democrat, suggested otherwise, claiming “the dominoes are falling.” “The drip drip of evidence and truth is going to eventually doom some others,” he said. Trump’s election victory was a sign that there may not be many red lines left in American politics. He won the presidential race despite authoritarian, racist and misogynist rhetoric, not to mention years of lies about election fraud and his role in sparking the Jan. 6, 2021, attack on the U.S. Capitol. He was also criminally convicted of falsifying business records to pay hush money, and he was found liable for sexual abuse in a civil case. Empowered by voters who looked past his misconduct and saw him as a powerful agent of change, Trump has shown no deference to Washington norms while working to fill his second administration. Although some of his personnel choices have extensive experience in the areas they’ve been chosen to lead, others are personal friends and Fox News personalities who have impressed and flattered Trump over the years. Several have faced allegations involving sexual misconduct. Hegseth, an Army veteran and Fox News host, is facing the most scrutiny after Gaetz. Once Trump announced Hegseth as his nominee for Pentagon chief, allegations emerged that he sexually assaulted a woman in California in 2017. The woman said he took her phone, blocked the door to the hotel room and refused to let her leave, according to a police report made public this week. Hegseth told police at the time that the encounter had been consensual and denied any wrongdoing, the report said. However, he paid the woman a confidential settlement in 2023. Hegseth’s lawyer said the payment was made to head off the threat of a baseless lawsuit. Trump’s choice for secretary of health and human services, Robert F. Kennedy Jr., has faced allegations of misconduct too. A woman who babysat for him and his second wife told Vanity Fair magazine that Kennedy groped her in the late 1990s, when she was 23. Kennedy did not deny the allegation and texted an apology to the woman after the article was published. That isn’t the only hurdle for Kennedy; he’s spent years spreading misinformation and conspiracy theories about vaccines, raising fears about making him a top health official in the new administration. Linda McMahon, chosen by Trump to be education secretary, is fighting a lawsuit connected to her former company, World Wrestling Entertainment. She’s accused of knowingly enabling sexual exploitation of children by an employee as early as the 1980s, and she denies the allegations. Tulsi Gabbard is another person who could face a difficult confirmation battle, but for very different reasons. The former Democratic representative from Hawaii has been a vocal Trump ally, and he chose her to be national intelligence director. But there’s grave concern by lawmakers and national security officials over Gabbard’s history of echoing Russian propaganda. Critics said she would endanger relationships with U.S. allies. Gaetz was investigated by federal law enforcement for sex trafficking, but the case was closed without charges and Republicans have blocked the release of a related report from the House Ethics Committee. However, some allegations leaked out, including that Gaetz paid women for sex. One of the women testified to the committee that she saw Gaetz having sex with a 17-year-old girl, according to a lawyer for the woman. As Gaetz met with senators this week, it became clear that he would face stubborn resistance from lawmakers who were concerned about his behavior and believed he was unqualified to run the Justice Department. “While the momentum was strong, it is clear that my confirmation was unfairly becoming a distraction,” Gaetz wrote on social media when announcing his withdrawal. Sen. Mike Braun, an Indiana Republican, said he believed there were four to six members of the caucus who would have voted against Gaetz, likely dooming his nomination, and “the math got too hard.” He said some of the issues and allegations around Gaetz were “maybe beyond the pale.” Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. “I think there were just too many things, it was like a leaky dike, and you know, it broke,” Braun said. Trump thanked Gaetz in a post on Truth Social, his social media website, without addressing the substance of the allegations against him. “He was doing very well but, at the same time, did not want to be a distraction for the Administration, for which he has much respect,” Trump wrote. ____ Associated Press writers Mary Clare Jalonick, Stephen Groves and Lisa Macaro contributed from Washington. Jill Colvin in New York and Adriana Gomez Licon in Fort Lauderdale, Florida, also contributed. Advertisement Advertisement

OECD ups global growth forecast but warns of protectionism risk

WASHINGTON — President-elect Donald Trump’s announcement of tariff plans sparked criticism Tuesday from Mexico, Canada and China and raised questions about whether the moves would violate international trade agreements — including one he renegotiated in his first term. Trump posted on social media Monday that as “one of my many first Executive Orders” he would impose a 25 percent tariff on all imports from Mexico and Canada and a 10% additional tariff on China. He said the tariffs are in response to the ongoing fentanyl epidemic, crime and illegal immigration. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.

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Bitdeer Technologies Group ( NASDAQ:BTDR – Get Free Report ) was the target of a large increase in short interest in December. As of December 15th, there was short interest totalling 12,450,000 shares, an increase of 27.7% from the November 30th total of 9,750,000 shares. Based on an average daily trading volume, of 6,160,000 shares, the short-interest ratio is currently 2.0 days. Approximately 36.7% of the shares of the company are sold short. Institutional Investors Weigh In On Bitdeer Technologies Group A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mirabella Financial Services LLP purchased a new position in Bitdeer Technologies Group during the third quarter worth $5,872,000. D1 Capital Partners L.P. acquired a new stake in shares of Bitdeer Technologies Group during the second quarter valued at $5,386,000. Marshall Wace LLP purchased a new stake in Bitdeer Technologies Group during the 2nd quarter worth about $5,074,000. Point72 Asset Management L.P. acquired a new position in Bitdeer Technologies Group in the 2nd quarter valued at about $4,617,000. Finally, Point72 Hong Kong Ltd acquired a new position in Bitdeer Technologies Group in the 2nd quarter valued at about $4,510,000. Hedge funds and other institutional investors own 22.25% of the company’s stock. Bitdeer Technologies Group Price Performance Shares of NASDAQ BTDR opened at $23.65 on Friday. The firm’s 50-day moving average is $14.03 and its two-hundred day moving average is $10.34. The company has a market capitalization of $2.65 billion, a PE ratio of -45.48 and a beta of 2.27. Bitdeer Technologies Group has a 12-month low of $5.23 and a 12-month high of $26.24. Analyst Ratings Changes Read Our Latest Report on BTDR About Bitdeer Technologies Group ( Get Free Report ) Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account. Read More Receive News & Ratings for Bitdeer Technologies Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bitdeer Technologies Group and related companies with MarketBeat.com's FREE daily email newsletter .

Seoul-based cinema technology pioneer CJ 4DPLEX has elevated company veteran Jun Bang as its new CEO. The announcement, made Wednesday, highlights Bang’s contributions to the company’s ongoing success in revolutionizing the cinematic experience in South Korea and beyond. Bang, who joined CJ 4DPLEX in 2018, most recently served as COO of content and marketing, where he oversaw original content investments, theatrical distribution, and global marketing operations. He was instrumental in building the company’s alternative content business, producing and distributing nearly 20 original films annually, including concert films from K-pop stars and major U.S. acts, like Coldplay’s , as well as other live theatrical broadcasts of top-billed events like the Korean Baseball Organization’s playoff series, shown in the immersive ScreenX format. Before leading the content division at CJ 4DPLEX, he was a senior director of content business innovation, overseeing investment and distribution strategies as well as ScreenX and 4DX studio operations. He was also instrumental in building the ScreenX VFX Production Studio, which houses nearly 100 visual artists and has allowed the ScreenX format to significantly increase its content slate to encompass major Hollywood blockbusters as well as local tentpole projects from Japan and Korea. “Transitioning into the role of CEO at CJ 4DPLEX, I am excited to lead the company in its next phase during a pivotal moment in cinematic entertainment,” said Bang. “With all the recent momentum our theaters have gained, we will aggressively expand all facets of our operation as more moviegoers seek out 4DX and ScreenX experiences worldwide.” CJ 4DPLEX operates two innovative cinema technologies that have attempted to redefine the theatrical experience. The 4DX format offers a multisensory experience through motion-based seating synchronized with effects like wind, water, scents, and vibrations, creating an immersive connection to on-screen action. There are over 800 4DX theaters across 70 countries. The ScreenX format expands select sequences of a film onto the left and right walls of the auditorium, creating a 270-degree panoramic experience. With over 420 ScreenX theaters in 40 countries, the technology provides a virtual reality-like experience with cinema-quality resolution. CJ 4DPLEX is a subsidiary of CJ CGV and a part of the larger CJ Group, which includes entertainment powerhouse CJ ENM. Bang’s appointment was hailed by Don Savant, CEO and president of CJ 4DPLEX America. “Jun’s leadership in developing alternative content and expanding our VFX capabilities has been a game changer for the cinema industry, which is fighting to differentiate itself from home and streaming platforms,” Savant said in a statement. THR Newsletters Sign up for THR news straight to your inbox every day More from The Hollywood Reporter“My Driver and I” was supposed to be made in 2016, but was scuttled amid Saudi Arabia's decades-long cinema ban. Eight years later, the landscape for film in the kingdom looks much different — and the star of “My Driver and I” now has an award. Roula Dakheelallah was named the winner of the Chopard Emerging Saudi Talent award at the Red Sea International Film Festival on Thursday. The award — and the glitzy festival itself — is a sign of Saudi Arabia's commitment to shaping a new film industry. “My heart is attached to cinema and art; I have always dreamed of a moment like this,” Dakheelallah, who still works a 9-5 job, told The Associated Press before the awards ceremony. “I used to work in voluntary films and help my friends in the field, but this is my first big role in a film.” The reopening of cinemas in 2018 marked a cultural turning point for Saudi Arabia, an absolute monarchy that had instituted the ban 35 years before, under the influence of ultraconservative religious authorities. It has since invested heavily in a native film industry by building theaters and launching programs to support local filmmakers through grants and training. The Red Sea International Film Festival was launched just a year later, part of an attempt to expand Saudi influence into films, gaming, sports and other cultural fields. Activists have decried the investments as whitewashing the kingdom’s human rights record as it tightly controls speech and remains one of the world’s top executioners. With FIFA awarding the 2034 World Cup to Saudi Arabia this week, Lina al-Hathloul, a Saudi activist with the London-based rights group ALQST, said Crown Prince Mohammad bin Salman “has really managed to create this bubble where people only see entertainment and they don’t see the reality on the ground.” These efforts are part of Vision 2030, an ambitious reform plan unveiled in 2016 to ease the economy's dependence on oil. As part of it, Saudi Arabia plans to construct 350 cinemas with over 2,500 movie screens — by this past April, across 22 cities, it already had 66 cinemas showing movies from the local film industry, as well as Hollywood and Bollywood. (The Red Sea International Film Festival attracts a host of talent from the latter industries, with Viola Davis and Priyanka Chopra Jonas also picking up awards Thursday.) The country's General Entertainment Authority last month opened Al Hisn Studios on the outskirts of Riyadh. As one of the largest such production hubs in the Middle East, it not only includes several film studios but also a production village with workshops for carpentry, blacksmithing and fashion tailoring. “These facilities, when they exist, will stimulate filmmakers,” said Saudi actor Mohammed Elshehri. “Today, no writer or director has an excuse to imagine and say, ‘I cannot implement my imagination.’” The facilities are one part of the equation — the content itself is another. One of the major players in transforming Saudi filmmaking has been Telfaz11, a media company founded in 2011 that began as a YouTube channel and quickly became a trailblazer. Producing high-quality digital content such as short films, comedy sketches and series, Telfaz11 offered fresh perspectives on Saudi and regional issues. In 2020, Telfaz11 signed a partnership with Netflix to produce original content for the streaming giant. The result has been movies that demonstrate an evolution on the storytelling level, tackling topics that were once off-limits and sensitive to the public like secret nightlife in “Mandoob” (“Night Courier”) and changing social norms in “Naga.” “I think we tell our stories in a very simple way, and that’s what reaches the world,” Elshehri says of the changing shift. “When you tell your story in a natural way without any affectation, it will reach every person.” But the films were not without their critics, drawing mixed reaction. Social media discoursed ranged from pleasure that Saudi film were tackling such topics to anger over how the films reflected conservative society. As Hana Al-Omair, a Saudi writer and director, points out, there are still many stories left untold. “We certainly have a long time ahead of us before we can tell the Saudi narrative as it should be,” she said, acknowledging that there are still barriers and rampant censorship. “The Goat Life,” a Malayalam-language movie about an Indian man forced to work without pay in Saudi Arabia, is not available on Netflix's platform in the country. Movies that explore political topics or LGBTQ+ stories are essentially out of the question. Even “My Driver and I,” featured at the Red Sea festival alongside 11 other Saudi feature-length films, was initially too controversial. It centers on a Sudanese man in Jeddah , living away from his own daughter, who feels responsible for the girl he drives as her parents are absent. It was initially blocked from being made because of the relationship between the girl and the driver, filmmaker Ahd Kamel has said, even though it's not a romantic relationship. Now in 2024, the film is a success story — a symbol of the Saudi film industry's evolution as well as the growing role of women like Kamel behind the camera and Dakheelallah in front of it. “I see the change in Saudi cinema, a very beautiful change and it is moving at a wonderful speed. In my opinion, we do not need to rush,” Dakheelallah said. “We need to guide the truth of the artistic movement that is happening in Saudi Arabia.”

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By JOSH BOAK WASHINGTON (AP) — Donald Trump loved to use tariffs on foreign goods during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries. The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared. This time, though, his tariff threats might be different . The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he’ll do what he says and what the consequences could be. “There’s going to be a lot more tariffs, I mean, he’s pretty clear,” said Michael Stumo, the CEO of Coalition for a Prosperous America, a group that has supported import taxes to help domestic manufacturing. The president-elect posted on social media Monday that on his first day in office he would impose 25% tariffs on all goods imported from Mexico and Canada until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States. Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his initial term. Chinese imports would face additional tariffs of 10% until Beijing cracks down on the production of materials used in making fentanyl, Trump posted. Business groups were quick to warn about rapidly escalating inflation , while Mexican President Claudia Sheinbaum said she would counter the move with tariffs on U.S. products. House Democrats put together legislation to strip a president’s ability to unilaterally apply tariffs this drastic, warning that they would likely lead to higher prices for autos, shoes, housing and groceries. Sheinbaum said Wednesday that her administration is already working up a list of possible retaliatory tariffs “if the situation comes to that.” “The economy department is preparing it,” Sheinbaum said. “If there are tariffs, Mexico would increase tariffs, it is a technical task about what would also benefit Mexico,” she said, suggesting her country would impose targeted import duties on U.S. goods in sensitive areas. Related Articles House Democrats on Tuesday introduced a bill that would require congressional approval for a president to impose tariffs due to claims of a national emergency, a largely symbolic action given Republicans’ coming control of both the House and Senate. “This legislation would enable Congress to limit this sweeping emergency authority and put in place the necessary Congressional oversight before any president – Democrat or Republican – could indiscriminately raise costs on the American people through tariffs,” said Rep. Suzan DelBene, D-Wash. But for Trump, tariffs are now a tested tool that seems less politically controversial even if the mandate he received in November’s election largely involved restraining inflation. The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world’s second largest economy. Biden administration officials looked at removing Trump’s tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly. Tariffs were “so new and unique that it freaked everybody out in 2017,” said Stumo, but they were ultimately somewhat modest. Trump imposed tariffs on solar panels and washing machines at the start of 2018, moves that might have pushed up prices in those sectors even though they also overlapped with plans to open washing machine plants in Tennessee and South Carolina. His administration also levied tariffs on steel and aluminum, including against allies. He then increased tariffs on China, leading to a trade conflict and a limited 2020 agreement that failed to produce the promised Chinese purchases of U.S. goods. Still, the dispute changed relations with China as more U.S. companies looked for alternative suppliers in other countries. Economic research also found the United States may have sacrificed some of its “soft power” as the Chinese population began to watch fewer American movies. The Federal Reserve kept inflation roughly on target, but factory construction spending never jumped in a way that suggested a lasting gain in manufacturing jobs. Separate economic research found the tariff war with China did nothing economically for the communities hurt by offshoring, but it did help Trump and Republicans in those communities politically. When Trump first became president in 2017, the federal government collected $34.6 billion in customs, duties and fees. That sum more than doubled under Trump to $70.8 billion in 2019, according to Office of Management and Budget records. While that sum might seem meaningful, it was relatively small compared to the overall economy. America’s gross domestic product is now $29.3 trillion, according to the Bureau of Economic Analysis. The total tariffs collected in the United States would equal less than 0.3% of GDP. The new tariffs being floated by Trump now are dramatically larger and there could be far more significant impacts. If Mexico, Canada, and China faced the additional tariffs proposed by Trump on all goods imported to the United States, that could be roughly equal to $266 billion in tax collections, a number that does not assume any disruptions in trade or retaliatory moves by other countries. The cost of those taxes would likely be borne by U.S. families, importers and domestic and foreign companies in the form of higher prices or lower profits. Former Biden administration officials said they worried that companies could piggyback on Trump’s tariffs — if they’re imposed — as a rationale to raise their prices, just as many companies after Russia’s invasion of Ukraine in 2022 boosted food and energy costs and gave several major companies the space to raise prices, according to their own earnings calls with investors. But what Trump didn’t really spell out is what might cause him to back down on tariffs and declare a victory. What he is creating instead with his tariff threats is a sense of uncertainty as companies and countries await the details to figure out what all of this could mean. “We know the key economic policy priorities of the incoming Trump administration, but we don’t know how or when they will be addressed,” said Greg Daco, chief U.S. economist at EY-Parthenon. AP writer Mark Stevenson contributed to this report from Mexico City.