In a recent ceremony, President Trump announced new tariffs on foreign goods, asserting it will lead to lower prices for consumers. However, economists warn that these tariffs will likely result in higher prices for Californians and effectively act as a tax increase. Specifically, he detailed 25% tariffs on foreign-made automobiles and reciprocal tariffs on 60 countries. While Trump emphasized America’s economic resurgence, experts predict immediate price hikes and long-term quality deterioration due to reduced competition in the market, raising concerns of a potential recession.
Trump will impose 25% tariffs on foreign-made automobiles starting at midnight. He also announced reciprocal tariffs on 60 countries with what he said were the most unfair tariff practices.
They will most definitely notice changes in supplies and prices because of the Trump tariffs from the time they are put into effect. The impact will almost be in as little as three months.
Because of decreased competition at home, the quality of supplied goods will eventually diminish over time.
The UCLA Anderson Forecast cited the tariff policies as one key reason to issue a recession watch.
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