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Trump announces sweeping new tariffs to promote US manufacturing, risking inflation and trade wars
President Donald Trump is imposing a 10% baseline tax on imports from all countries and even higher tariff rates on dozens of nations that run trade surpluses with the United States.
He has promised that factory jobs will return back to the United States as a result of the taxes, but his policies risk a sudden economic slowdown as consumers and businesses could face sharp price hikes on autos, clothes and other goods. None of the warning signs about a falling stock market or consumer sentiment turning morose have caused the administration to publicly second-guess its strategy, despite the risk of political backlash as voters in last year’s election said they wanted Trump to combat inflation. Heather Boushey, a member of the Biden White House’s Council of Economic Advisers, noted that the less aggressive tariffs Trump imposed during his first term failed to stir the manufacturing renaissance he promised voters.
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