On April 2, President Trump introduced new tariffs targeting both allies and adversaries, including a 10% baseline tariff on nearly all imported goods. Specific countries face varied rates: China (34%), Japan (24%), and Vietnam (46%). This move sparked concern among industry leaders who warn that higher costs could hurt U.S. competitiveness and jobs. Key exemptions exist for specific goods, and existing tariffs on China, steel, and aluminum remain intact. The swift implementation leaves little room for negotiation, raising alarm over potential economic repercussions.
The high costs of new tariffs threaten investment, jobs, supply chains and, in turn, America's ability to outcompete other nations and lead as the preeminent manufacturing superpower.
President Trump declared the day would forever be remembered as the day American industry was reborn, as new duties are set to bring in trillions of dollars.
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