President Trump announced a plan to implement tariffs matching those imposed by other countries on U.S. imports, aiming to eliminate trade imbalances. The move, which could trigger a global trade war, is expected to raise prices for American consumers and businesses. While the administration argues the tariffs will promote fairness and generate revenue, critics warn of potential economic harm and a misunderstanding of global trade dynamics.
President Donald Trump holds up a signed executive order in the Oval Office of the White House, Thursday, Feb. 13, 2025, in Washington.
The politics of tariffs could easily backfire on Trump if his agenda pushes up inflation and grinds down growth, making this a high stakes wager for a president eager to declare his authority over the U.S. economy. A senior White House official, who insisted on anonymity to preview the details on a call with reporters, said that the expected tariff revenues would separately 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.
But by Trump’s own admission his separate tariffs for national security and other reasons would be on top of the reciprocal tariffs, meaning that the playing field would not necessarily be level.
TRADE WAR TARIFFS DONALD TRUMP ECONOMY INTERNATIONAL RELATIONS
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