Trump’s Tariffs Mark Economic Change
(MENAFN) United States Leader Donald Trump’s extensive reciprocal tariffs, which he unveiled on Wednesday as a “Declaration of Economic Independence,” are set to introduce a new chapter in global trade, while raising fears about inflation and the risk of recession for the US economy.
Trump inked an executive order to enforce sweeping tariffs on more than 180 nations, with rates ranging from 10 percent to 50 percent, aiming to end trade practices his government considers unfair.
The Trump government plans to raise nearly USD700 billion through these tariffs to fund tax cuts for the wealthy, but economists caution that these tariffs will lead to higher import prices, which will, in turn, increase consumer prices and hamper economic growth.
Trump argued that the United States is being “ripped off” by all countries, whether allies or adversaries, and sought to boost domestic manufacturing while decreasing reliance on foreign nations through these tariffs.
The Leader inked orders to impose tariffs on the auto, steel, and aluminum industries, as well as on Canada, Mexico, and China, citing issues such as fentanyl trafficking and the influx of undocumented migrants into the United States.
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