Tariffs raise prices much like the GST – and like the GST it hurts people on low and middle incomes the most

If anyone was under any delusion that Donald Trump was not going to be as bonkers as he said he would be, then his announcement on Tuesday that he would slap a 25% tariff on all imports from Canada and Mexico (and deeper tariffs on China) should remove all doubt.

“Tariff” has become the economic word of the year thanks to the incoming US president.