Trump just ramped up his tariff threats: Here’s what could get more expensive
CNN
Many economists already believe it’s a matter of time before Americans start to see sticker shock from the tariffs President Donald Trump has enacted. That timeline could speed up even more if Trump follows through with his latest package of tariff threats slated to take effect in three weeks.
Many economists already believe it’s a matter of time before Americans start to see sticker shock from the tariffs President Donald Trump has enacted. That timeline could speed up even more if Trump follows through with his latest package of tariff threats slated to take effect in three weeks. For the past three months, most imported goods have been subject to a minimum 10% tariff after Trump paused his “reciprocal” taxes on dozens of nations. And steel, aluminum, cars and car parts from across the globe have been subject to separate levies starting at 25%, in most cases. Then, earlier this week, Trump sent dozens of letters to a variety of longtime US trading partners informing them that they could soon face tariffs ranging from a minimum of 25% all the way to a whopping 50%. And, in an NBC News interview that aired Thursday, Trump suggested hiking blanket tariffs on most countries. Collectively, the tariffs Trump has threatened to enact on August 1 would mark the highest average tariff rate America has seen in over a century, according to multiple estimates. Tariffs, which are taxes on imported goods, are paid upfront by businesses, who often pass on some of those costs to consumers by raising prices. But, given that overall inflation has so far remained tame, even with the tariffs that are already in effect, Trump and administration officials have insisted there’s no reason to believe that any additional tariffs will cause goods to get significantly more expensive. “The Administration has consistently maintained that the cost of tariffs will be borne by foreign exporters who rely on access to the American economy, the world’s biggest and best consumer market,” White House spokesperson Kush Desai said in a statement to CNN.
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