President Trump's implementation of a 10% tariff on imports from many countries began recently, reflecting a departure from established tariff agreements. The action is anticipated to evolve, with potential negotiations for lower rates. This tariff has dramatically affected global markets, costing S&P 500 companies $5 trillion in value over just two days. Countries including Australia and the UK are among the first impacted, with higher tariffs planned for select nations. Analysts are concerned about the economic rationale behind such tariffs, citing potential confusion and adverse effects on global trade dynamics.
"This is the single biggest trade action of our lifetime," said Kelly Ann Shaw, a trade lawyer, highlighting the unprecedented shift in US trade policy under Trump.
"This is a pretty seismic and significant shift in the way that we trade with every country on Earth," according to Shaw during a Brookings Institution event.
Trump's Wednesday tariff announcement shook global stock markets to their core, wiping out $5tn in stock market value for S&P 500 companies by Friday's close.
"In economic terms, Trump's tariffs make no sense at all," a perspective reflecting the confusion and concern among economists regarding the tariffs' implications.
Collection
[
|
...
]