President Trump's new tariffs, applied to over 60 countries, range up to 50 percent on goods from specific nations. The tariffs, starting after extensive negotiations, are justified by the administration as a response to unfair trade practices. Treasury Secretary Scott Bessent projected annual tariff revenues could exceed $300 billion. However, concerns emerged from industry groups that these higher tariffs may negatively impact small businesses and could trigger inflation alongside affecting long-term economic growth.
Trump's order is seeking to address trade practices Washington deems unfair, but small businesses may be harmed, and economists caution it could fuel inflation.
The US duties range from 50 percent on goods from Brazil to 10 percent on imports from the United Kingdom.
Secretary of the Treasury Scott Bessent has said that tariff revenues could top $300bn a year.
Some companies and industry groups have warned that the new levies will hurt smaller US businesses, while some economists have cautioned that they could fuel inflation.
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