"When one cuts through Trump's delusional poppycock about how great his new tariffs will be, it becomes clear that his new 15% across-the-board tariff will hurt consumers, corporations, factories, US trading partners and Trump's beloved stock market. While Trump says tariffs is the most beautiful word, economists, business executives and consumers give Trump's tariffs a thumbs down."
"Trump's new tariffs created a daunting new wave of uncertainty and anxiety that will hurt economic growth, just like Trump's Liberation Day tariffs created huge uncertainty that weakened GDP growth in the US and overseas. For most of corporate America, this Trump-induced uncertainty will cause hesitation and even some paralysis that will hurt the economy and jobs."
"Factory employment fell by a dismaying 108,000 jobs last year, while many manufacturers complained that Trump's tariffs raised their costs, gummed up their supply chains and hurt their competitiveness. The Ford Motor Company, for instance, said it paid nearly $2bn in tariffs last year for parts and raw materials."
Following the Supreme Court's overturn of his global tariffs, Trump implemented a new 15% across-the-board tariff using a previously unused legal provision rather than accepting the court decision. This decision prioritizes political optics over economic welfare. Economists, business executives, and consumers oppose the tariffs, with 64% of Americans disapproving of Trump's tariff handling according to polling data. The new tariffs create economic uncertainty that dampens growth, similar to previous tariff-induced slowdowns. Corporate America faces hesitation about expansion and hiring due to this uncertainty. Factory employment declined by 108,000 jobs, and manufacturers report increased costs, supply chain disruptions, and reduced competitiveness. Major companies like Ford Motor Company paid approximately $2 billion in tariffs for parts and materials.
#trump-tariffs #economic-policy #manufacturing-impact #trade-uncertainty #consumer-and-business-effects
Read at www.theguardian.com
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