During his campaign, Trump advocated for a 10% blanket tariff, a move that shocked many due to concerns about inflation and job losses. Initially dismissed as a bargaining tactic, this proposal has transformed into an accepted measure as the trade war with China escalates. The implemented tariffs significantly exceed those from Trump's first term, impacting over ten times as many imports. Economists highlight this tariff's severity, likening its magnitude to levels not seen since the 1930s, signifying a return to extreme protectionist measures.
When Donald J. Trump championed the idea of a 10 percent blanket tariff during the campaign, many were taken aback by how radical the idea was.
The 10 percent solution is looking like the most temperate choice rather than the most revolutionary, especially now that a red-hot trade war is blazing.
At that level, universal tariffs still hit more than 10 times as many imports as those targeted during Mr. Trump's first term.
The tariff rate is quite extreme... It still brings us back to levels last seen during the 1930s.
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