President Donald Trump defended his new tariffs on Canada and Mexico in a primetime address. He acknowledged potential short-term economic disruptions but insisted they would ultimately benefit the U.S. economy. His comments followed a sharp stock market decline for the second consecutive day as the tariffs took effect. Most economists warn that tariffs — taxes on imports that are paid by the importers — will end up raising prices for consumers. But Trump has long asserted that tariffs are paid for by other countries, and he has touted them as a key tool for gaining leverage in negotiations. Trump dismissed concerns about consumer price hikes, arguing tariffs would make America rich again.
