Just 72 days after taking office, President Donald Trump announced on April 2 sweeping trade policy changes, introducing what he called “reciprocal tariffs” for all countries and declaring it “Liberation Day in America.”
For decades, the United States has kept low trade barriers, promoting free trade agreements with minimal or zero tariffs—at least on its part. Those days are now over.
At a White House event, Trump presented a large chart outlining baseline and reciprocal tariff rates trading partners now face in attempts to balance their high trade barriers against U.S. goods. The rates include a flat 10 percent levy, along with additional rates tailored to match each nation’s trade barriers on America.
Trump’s new tariff regime is designed to boost U.S. manufacturing and create American jobs, but the effects on inflation and the short-term and long-term impacts on the economy remain to be seen. Here are seven takeaways from Wednesday’s announcement.
- Read More: The Epoch Times
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