President Donald Trump announced a sweeping tariffs policy this week as part of the administration’s “Liberation Day” initiative, which kept with one of his top campaign aims. The tariffs will be set at 10% across the board as several nations, including allies, will face varying percentages of tariffs on imports.
As seen in outlets such as CNBC and CNN, President Donald Trump’s new reciprocal tariff would levy a 10% tariff on all global imports, with China, the EU, Vietnam, and Taiwan paying far larger tariffs. Sparking concerns among economic experts is how the White House has come up with its percentages, as some are saying the math doesn’t add up. Further, according to swirling reports and social media accounts, Trump has called for tariffs against remote unoccupied lands, one of which houses penguins, according to reports.
As seen on CNN, Trump intends to impose a 54% tariff on China, the second largest importer to the United States after Mexico, with the Asian superpower promising to respond with tariffs of their own. The network has also tallied several comments from other nation leaders who are all pushing back against the aggressive measures that have caused global markets to stumble in rapid succession.
As Trump spoke from the Rose Garden on Wednesday, the reciprocal tariffs will be calculated by putting together tariff rates and other economic factors that have impacted trade numbers, then dividing that number in half. Canada and Mexico will face 25 percent tariffs, which Trump says are centered around pushing back against the supposed flood of fentanyl across the northern and southern borders, with some exemptions on products under the United States-Mexico-Canada Agreement.
“The tariffs will be not a full reciprocal. I could have done that, I guess. But it would have been tough for a lot of countries,” Trump said.
The AP reports that the United States and global markets are in a tumble and not expected to recover by close today. S&P 500 Futures dipped 3.4%, and the Dow Jones Industrial Average fell 2.8%; Nasdaq fell 3.8%.
President Trump’s larger aim is to return manufacturing to America and end the nation’s reliance on global goods. The trade-off is that average American consumers and businesses will feel the pinch of costs being passed to them to make up for losses in what is already an economic storm underfoot.
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Source: The Washington Post / Getty
President Donald Trump Unveils Tariffs, Risking Global Trade War
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