Donald Trump's recent announcement of new tariffs, including a 10% universal tariff on all imports and increased rates for major trading partners like China and the EU, is causing turmoil in global markets. These tariffs, which will take effect shortly, aim to address trade imbalances but threaten to escalate into a trade war, impacting the US economy. The White House claimed it calculated these tariffs based on trade deficits, yet the context highlights potential challenges for American importers and the broader economic implications.
The administration said that it looked at the trade deficit between the US and a specific country as a percentage, and then considered that to be a tariff.
Long trailed on his election campaign, Trump's plans were even more sweeping than many had predicted: a baseline 10% tariff on all imports and higher tariffs for key trading partners.
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