Squawk Box’s Andrew Ross Sorkin Says Americans Could Be Hours Away From ‘Explosive Economic Moment’ with Trump’s Tariffs Incoming

Squawk Box’s Andrew Ross Sorkin warned on Friday that taxpayers are just hours away from what could be an “explosive economic moment” with President Donald Trump warning that 25% tariffs on Mexico and Canada are being put in place on Saturday.

Sorkin joined Jonathan Lemire on Morning Joe to discuss the coming tariffs. He warned economists have been putting up the “red flag” to argue that tariffs on goods will rise consumer costs and do “demonstrable economic damage to the United States.”

“We’re 24 hours out from what could be, frankly, an explosive economic moment in our history. We’ll see whether we get there,” Sorkin said.

He also theorized that the tariffs could also be part of a larger negotiation by Trump on immigration or other issues.

“Tariffs, as we’ve discussed repeatedly, typically ultimately get borne by American taxpayers. The cost of goods for Americans, at least in the short term, go up,” Sorkin said. “And so the question is, you know, whether he’s actually going to go through with this and if this is some kind of larger negotiation. At this point, we only have 24 hours though so what kind of give can he get out of Canada or out of Mexico on either immigration or any of these other issues?”

Lemire argued that Trump could simply be looking for something to spin as a “win,” and Sorkin admitted it’s difficult to predict Trump’s motivations when it comes to his negotiating style.

“It’s very possible we’re talking about this on Monday and there is no tariff because he’s able to say, I got them to do this, this, and this,” he said. “And the question is, is ‘this, this, this’ an economic thing? Is it about immigration?”

Trump confirmed the coming tariffs this week and said oil from Canada could end up being part of the list of imported goods being hit. He said tariffs may or may not rise over time and cited drugs and immigration among the reasons to impose the extra cost. Trump also warned tariffs for China could be coming too.

“With China I’m also thinking about something because they’re sending fentanyl into our country and because of that they’re causing us hundreds of thousands of deaths, so China is going to end up paying a tariff also for that and we’re in the process of doing that,” he said.

Watch above via MSNBC.