During Trump's presidency, the import taxes he implemented were not just economic decisions; they were a calculated measure aimed at reshaping global trade dynamics. Tariffs on goods like steel and aluminum prompted an aggressive response fromChina and the European Union, which led to further tariffs on American exports, affecting industries from agriculture to automobile manufacturing.
The cycle of retaliation creates an unpredictable trading environment, where businesses struggle to plan ahead, invest, or price goods competitively. The uncertainty can lead to inflated prices on a variety of products as domestic industries find the costs of materials skyrocket, leaving consumers to face higher prices at checkout.
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