Donald Trump sent shockwaves across several countries, vowing sweeping new tariffs as soon as he takes office.
Matt Gaetz, Pete Hegseth and more: Who Trump has picked for key positions so far, and what they'll doIn the U.S., tariffs aim to discourage companies importing goods from places like China by making them pay more for the items they are trying ship in.
He said he would impose a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first executive orders. As a billionaire who made his name in real estate, the former president has argued for higher tariffs to bring more factories into the United States and tax cuts for the wealthy and corporations on the premise that will lead to more investment.
"There are a lot of jobs that rely on foreigners coming here. You're going to basically stop trade with China. You're talking about 60% tariffs on that. You're talking, as you said, 100%, 200% on things you don't really like. You're also talking about 10-20% tariffs on the rest of the world. That is going to have a serious effect on the overall economy," Micklethwait said."And yes, you're going to find some people who will gain from individual tariffs.
Tariffs fell out of favor as global trade grew after World War II. The government needed vastly bigger revenue streams to finance its operations. The European Union, for example, punched back against Trump’s tariffs on steel and aluminum by taxing U.S. products, from bourbon to Harley-Davidson motorcycles. Likewise, China responded to Trump’s trade war by slapping tariffs on American goods, including soybeans and pork in a calculated drive to hurt his supporters in farm country.
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