The President's Daily Brief
March 5th, 2025: Food, Cars & Tech: Here's What You'll Pay More For Under The New Tariffs & The Unlikely Iran Deal Broker
Wed, 05 Mar 2025
In this episode of The President's Daily Brief: New tariffs on Canada, Mexico, and China just went into effect—so what does that mean for your wallet? We’ll break down where you can expect to pay more as the effects start hitting. A major curveball in Middle Eastern relations—reports say the U.S. could turn to Russia to help broker a new Iranian nuclear deal. Taiwan Semiconductor Manufacturing is committing $100 billion to expand chip production in the U.S. It’s a huge investment with major implications for both the economy and national security. And in today’s Back of the Brief—as protests flare up again on college campuses nationwide, Donald Trump is threatening to cut federal funding for any school that allows illegal demonstrations. We’ll break down what he said and what it could mean. To listen to the show ad-free, become a premium member of The President’s Daily Brief by visiting PDBPremium.com. Please remember to subscribe if you enjoyed this episode of The President’s Daily Brief. YouTube: youtube.com/@presidentsdailybrief Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: What are the new tariffs and how will they affect prices?
It's Wednesday, 5 March. Welcome to the President's Daily Brief. I'm Mike Baker, your eyes and ears on the world stage. Let's get briefed. New tariffs on Canada, Mexico and China just went into effect. So, you ask yourself, what does that mean for your wallet? And how long might they be in effect?
Well, we'll take a look at what the tariffs could mean when it comes to the prices you pay for stuff. And that's not the sort of sentence that you would get from some pipe-smoking highbrow economist. Later in the show, a major curveball in Middle Eastern relations. Reports say that the US could turn to Russia to help broker a new Iranian nuclear deal.
Rumor has it that Russian delegations have made multiple visits to Iran during the past year and a half. Plus, the chip company, Taiwan Semiconductor Manufacturing, is committing 100 billion, that's with a B, dollars to expand chip production in the US. Now, it's a huge investment, obviously, with big implications, not just for the economy, but also for national security.
Und in heute's Back of the Brief. As protests flare up again on college campuses nationwide, President Trump is threatening to cut federal funding for any school that allows illegal demonstrations. We'll examine what he said and what it could mean. But first, today's PDB Spotlight. The latest trade battle is officially underway.
With new tariffs in place against Canada, Mexico and China, President Trump is taking a hard-line stance on trade. But beyond the geopolitical maneuvering, these tariffs, well, they do have real consequences for American consumers. From groceries to electronics to cars, prices are set to rise, potentially reshaping household budgets across the country.
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Chapter 2: How will tariffs impact the American consumer's wallet?
Of course, the big question is, are the tariffs temporary? And if so, well, how temporary? Given the pace of change and activity coming out of the White House, don't be surprised if the tariffs are gone by the end of the week. As a reminder, on Tuesday, President Trump imposed 25% tariffs on most imports from Mexico and Canada, with Canadian energy imports subject to a 10% tax.
He also doubled duties on Chinese goods to 20%. The US now is the largest importer of foreign goods, with those targeted countries making up America's top three global suppliers, meaning that nearly 2.2 trillion, that's with a T, in annual trade could be impacted. And that's according to an analysis from Reuters.
Economists are already warning that the trade measures will likely spike the price of an array of consumer goods, putting significant strain on Americans that have already been battered by years of rising inflation. Supporters of the tariffs argue, it's a necessary move to protect American industries and to counter unfair trade practices.
But it's important to understand the costs, including potential price hikes and retaliatory measures from trade partners. Now that economic retaliation came swiftly from Canada and China, with Canada slapping an immediate 25% tariff on nearly 30 billion dollars worth of American goods, with more to come by month's end.
Chapter 3: What are the expected economic consequences of the new tariffs?
China imposed a new 15% tariff on US exports of chicken, wheat, corn and cotton, while adding a 10% levy on US sorghum, soybeans, pork, beef, fruits, vegetables and dairy products. Mexiko is also expected to follow with retaliatory tariffs, though officials said those measures would not be announced until Sunday. So, what does all this mean for the American consumer?
With more than 40% of all US imports coming from Mexico, Canada and China, some economists have estimated that Trump's tariffs could cost the average US household some $830 a year. They say the first place where these tariffs will be felt will likely be at the gas pump, as the US relies on Mexico and Canada for critical energy exports, such as crude oil, petroleum and gas and coal.
Consumers in the Northeast could see gas prices jump by as much as 20 to 40 cents per gallon within the next one to three weeks, while the Midwest and Great Lakes regions could see an increase of 5 to 25 cents per gallon. That's according to economists who spoke with CBS News.
The tariffs will also likely be felt in short order at the grocery store, as the sector already runs on thin profit margins. The US imported more than $45 billion worth of agricultural products from Mexico and $40 billion from Canada just in 2023 alone, including fruit and vegetables, beef, pork, grains, potatoes, canola oil and alcohol products.
In fact, Axios reports that a stunning 63% of vegetable imports and 81% of beer imports came from Mexico in 2023. Meaning, well, you may want to stock up your pantry and mini-fridge sooner rather than later. You thought that pandemic-era hunt for toilet paper was bad. Just wait till you can't find beer.
In addition to groceries, a large portion of common household items like machinery, furniture, footwear, clothing and textiles come from China, so expect price hikes in those areas as well.
If businesses pass along half or more of the financial burden of the tariffs to consumers, prices on groceries and household items could increase by an average of roughly 1.6%, varying widely, of course, depending on the product. It's according to an analysis by the Atlanta Federal Reserve.
Preiswerte auf andere Sektoren, wie Elektronik und Autos, werden für mehrere Monate nicht wahrgenommen werden, aber die Vergrößerungen könnten schmerzhaft sein. Autos sind besonders verantwortlich, given their complex supply chains. Fahrzeuge crossen oft US-Border sechs bis acht Mal während der Assemblage. meaning they could be taxed multiple times.
Industry analysts say the average vehicle price could rise by as much as $12,000 for some models, an increase that threatens to crash consumer sales for domestic manufacturers. Dann gibt es Konsum-Elektronik, wie Laptops, Tabletten, Gaming-Konsolen und Smartphones, die fast exklusiv von außen importiert sind, mit ca. 41% aus China.
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Chapter 4: How might geopolitical strategies affect the Iranian nuclear deal?
But for now, consumers would be wise to brace for higher prices. And stock up on beer. All right. Coming up next, reports say the U.S. may turn to Russia to broker a new Iranian nuclear deal, plus a $100 billion investment in U.S. chip production. Why it's not just about the economy, but also national security. I'll be right back.
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Welcome back to the PDB. The United States' latest diplomatic gamble could position Russia as a potential mediator in discussions with Iran over a new nuclear deal. That's a development that raises questions about Washington's shifting strategy.
The revelation, first reported by Bloomberg, follows a series of visits by Russian officials to Iran during the Israel-Hamas war, in which Iran, of course, launched multiple ballistic missile attacks against Jerusalem. Die Zeitung dieser Initiative ist bemerkenswert. Iran's Foreign Minister has just resigned, and Iran's President has downplayed any active discussions with the US.
Meanwhile, Russia, long a key partner of the Iranian regime, deepened its strategic ties with the Islamic Republic, from backing the former Assad regime in Syria to acquiring Iranian drones for use in its war against Ukraine. But by stepping into the role of nuclear deal broker, Moscow appears to be maneuvering itself into an even more complex position on the global stage.
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Chapter 5: Why is the U.S. considering Russia as a mediator for Iran?
This development comes as tensions between President Trump and Ukrainian President Zelensky continue to escalate, culminating in a temporary suspension of all American military aid to Ukraine just on Monday.
That decision has prompted speculation among analysts about a broader geopolitical recalibration, one in which Washington's backing for Ukraine takes a backseat, while Russia plays a role in steering Iran toward renewed nuclear negotiations. Es wäre nicht die erste Zeit gewesen, dass Moskau von solch einer Dynamik profitierte.
Während der Obama-Administration war Russlands Einwohnung wichtig, um den 2015en Iran-Nuklear-Verein zu sichern. Damals kapitalisierte der Kremlin Washingtons Fokus auf Iran, nur um sich zu drehen und natürlich die Invasion von der Ukraine 2014 zu starten. Die Frage ist nun, ob die Geschichte sich wiederholt oder ob die Trump-Administration etwas ganz anderes versucht hat.
Anders als in den vergangenen Negotierungen scheint Trumps Ansatz breiter zu sein. Seine Regierung priorisiert die strategische Wettbewerb mit China und besucht, ob es, zumindest temporär, mit Russland auf wichtigen Themen verabschieden könnte. Doch Skepsis bleibt. Würde Washington von so einer Verhandlung profitieren, oder würde es einfach Moskau mehr Wettbewerb geben?
One major uncertainty is whether Tehran is even willing to engage in new talks. Supreme Leader Ayatollah Ali Khamenei has long harbored deep distrust of Washington, particularly after Trump's first term saw the U.S. withdraw from the 2015 Joint Comprehensive Plan of Action and imposed the Maximum Pressure Sanction Strategy. That's a policy that Trump has since reinstated, now in his second term.
From the Iranian regime's perspective, Russian broker talks could be less about diplomacy and more about extracting concessions while maintaining its nuclear program as a bargaining chip. If Washington sees de-escalation with both Iran and Russia as a means of pivoting its foreign policy focus away from the Middle East and Europe, it may view a potential deal as a strategic win.
Such a shift would mark a stark contrast from Trump's first term, which saw heightened tensions, of course, with the Iranian regime. At the same time, Russia may be angling for its own advantage, and when I say may, of course I mean they are, using the diplomatic maneuver to negotiate a more favorable ceasefire in Ukraine.
By presenting itself as an intermediary in nuclear talks, Moscow could be signaling a willingness to engage in a grand bargain of sorts, one that tempers hostilities in Ukraine while securing gains for them elsewhere. Speaking of Russia, I wanted to follow up on a story that we brought you yesterday.
The Pentagon is pushing back against claims that it has halted offensive cyber operations against Russia. They're saying, uh-uh, we didn't do that. Defense Secretary Pete Hegseth has not issued any orders to cancel or delay cyber operations targeting Russian assets, according to a senior defense official. The official emphasized that no stand-down directive has been given and that U.S.
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