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The US also imported $65 billion worth of car parts from Mexico in 2023, along with $26 billion in computers, $20 billion in crude oil, and almost $14 billion in medicinal equipment.
Economists worry that Trump's tariff plan will raise the prices of a range of imported goods, from cars to electronics.
Their findings were clear: “Our results imply that the tariff revenue the U.S. is now collecting is insufficient to compensate the losses being borne by the consumers of imports.”
A related government intervention to price floor, which is also a price control, is the price ceiling; it sets the maximum price that can legally be charged for a good or service, with a common example being rent control. A price ceiling is a price control, or limit, on how high a price is charged for a product, commodity, or service.
President Calderón opted for using price ceilings for tortillas that protect local producers of corn. This price control came in the form of a "Tortilla Price Stabilization Pact" between the government and many of the main tortilla producing companies, including Grupo Maseca and Bimbo, to put a price ceiling at MXN 8.50 per kilogram of tortilla. [6]
In 1990 the United States enacted the Food, Agriculture, Conservation, and Trade Act of 1990, which protected United States sugar producers at all-time high through price support that was given to farmers through loans, domestic market control, and tariff-rate quotas established to minimize sugar imported to the United States. [5]
President-elect Donald Trump announced Monday he plans to impose a 25% tariff on all products coming into the U.S. from Mexico and Canada as one of his first acts back in the White House.
The following is a list and analysis of imports into the United States for 2020 and 2019 in millions of United States dollars. [1] [2] The United States imported $2,810.6 billion worth of goods and services in 2020, down $2,945 billion from 2019.