White House Defends Tariffs at B20 Summit as Inflation and Business Concerns Mount

The White House is maintaining its commitment to President Donald Trump's tariff policies despite mounting inflation concerns and backlash from business leaders. At the B20 summit in Washington, Canadian Ambassador Mark Wiseman warned tariffs are escalating capital costs and deterring corporate expansion, noting U.S. customs duties on Canadian goods surged to $10 billion in 2025 from $400 million in 2024. A New York Fed study revealed roughly 90% of tariff burdens were absorbed by U.S. importers. The policy stance comes amid rising consumer inflation, including a higher-than-expected 0.4% CPI increase in October.