President Trump announced a reversal of most reciprocal tariffs, keeping a 125% tariff on China due to its lack of respect for global markets. He implemented a 90-day pause for negotiations with over 75 countries, reducing tariffs to 10%. Despite the reversal, high tariffs on China will likely increase prices for consumers, and economists warn of potential recession risks. The U.S. imports over $328 billion monthly, with electronics and cars being significant imports. Experts urge consumers to remain calm amidst economic uncertainty.
Experts, it should be noted, advise folks to remain calm.
Even after Trump's reversal, with China being taxed at such a high rate, a number of goods will likely see their prices increase.
Economists have also largely sounded the alarm on a potential recession and the growing cost on American wallets.
On Thursday, the White House clarified that the 125% is on top of a 20% tariff.
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