President Trump announced a plan to increase U.S. tariffs to match the rates imposed by other countries, aiming to eliminate trade imbalances. The move, which could trigger a trade war, has sparked concerns about its impact on American consumers and businesses. The tariffs are expected to be customized for each country and could be implemented within weeks or months.
The possible tax increases on imports and exports could be large compared to the comparatively modest tariffs that Trump imposed during his first term on Thursday rolled out his plan to increase U.S. tariffs to match the tax rates that other countries charge on imports, possibly triggering a broader economic confrontation with allies and rivals alike as Trump hopes to eliminate any trade imbalances.
The tariff increases would be customized for each country with the partial goal of starting trade new negotiations. But other nations might also feel the need to respond with their own tariff increases on American goods. As a result, Trump may need to find ways of assuring consumers and businesses that growth to counteract any uncertainty from the possible fallouts from his tariffs.
The official said that the expected tariff revenues would help to balance the expected $1.9 trillion budget deficit. The official also said the reviews needed for the tariffs could be completed within a matter of weeks or a few months. The EU, Canada and Mexico have countermeasures ready to inflict economic pain on the United States in response to Trump's actions, while China has already taken retaliatory steps with its own tariffs on U.S. energy, agricultural machinery and large-engine autos as well as an antitrust investigation of Google.
TARIFFS TRADE WAR GLOBAL ECONOMY US ECONOMY INFLATION
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