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This is a segment from the Forward Guidance newsletter. To read full editions, <\/em>subscribe<\/em><\/a>.<\/em><\/p>\n As expected, Donald Trump has backed off a bit<\/em> on the ambitious tariff goals<\/a> he touted on the campaign trail.\u00a0<\/p>\n \u201cI think we\u2019ll do it Feb. 1,\u201d Trump said during a Monday press conference, referring to tariff increases on Canada, Mexico and China.\u00a0<\/p>\n While he did not comment on specific timing or pace of tariffs, based on conversations<\/a> with Stephen Miran, head of Trump\u2019s council of economic advisors, we expect to see tariffs increase by around 2% to 5% per month.\u00a0<\/p>\n The first time Trump proposed 25% tariffs on China was back in 2018. What ended up actually happening was a ~17% effective tariff, which was implemented over the course of a year.\u00a0<\/p>\n \u201cThe after-tariff dollar-import price of goods coming from China was practically unchanged,\u201d Miran said<\/a>.\u00a0<\/p>\n In Trump\u2019s day 1<\/a> trade policy memorandum<\/a>, he gives various federal agencies until April 1 to turn in reports on \u201cunlawful migration and fentanyl flows\u201d from Canada, Mexico and China.\u00a0<\/p>\n He also instructs the secretaries of the Treasury, Commerce and Homeland Security to evaluate how to create the \u201cExternal Revenue Service,\u201d a new agency Trump wants to task with collecting tariffs.\u00a0<\/p>\n \u201cInstead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,\u201d Trump said on Monday.<\/p>\n Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter<\/a>.<\/strong><\/p>\n Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter<\/a>.<\/strong><\/p>\n Get alpha directly in your inbox with the 0xResearch newsletter<\/a> \u2014 market highlights, charts, degen trade ideas, governance updates, and more.<\/strong><\/p>\n
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