New tariffs imposed by President Trump will increase rates on foreign imports, establishing a floor of 15 percent for around 40 countries with a trade deficit with the US. Certain goods like smartphones are exempt from these higher rates. Tariff increases are likely to continue, with threats of a 100 percent tariff on semiconductors unless companies establish manufacturing facilities in the US. Despite these tariff changes, many Americans may not notice immediate impacts on consumer spending due to other economic factors.
The latest tariffs imposed by President Trump will set a floor of 15 percent for around 40 countries with a trade deficit with the US.
Tariff escalation seems far from over, with Trump threatening to impose a 100 percent tariff on semiconductors unless companies build manufacturing plants in the US.
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