Trump outlines what ‘total victory’ looks like in his trade war. It’ll cost you
CNN
President Donald Trump said high tariffs could be here to stay and he’d declare “total victory” if import taxes were as high as 50% a year from now, according to an interview with Time released Friday.
President Donald Trump said high tariffs could be here to stay and he’d declare “total victory” if import taxes were as high as 50% a year from now, according to an interview with Time released Friday. Trump has placed historic tariffs on a wide variety of imports, including a 10% tariff on virtually everything coming into the United States. He has also imposed 25% tariffs on steel, aluminum, autos and many items from Mexico and Canada. But by far the most significant trade action is a tariff of at least 145% on most Chinese goods imported to the United States. Combined, America’s effective tariff rate now stands at 22.8%, according to Fitch Ratings. That’s by far the highest of any developed country in the world. As a result, trade has slowed significantly with other countries, immediately punishing importers, exporters and small businesses who have to pay the high tariffs. Trump on Wednesday in the Oval Office said trade with China has slowed to effectively zero as a result of America’s significant tariffs and China’s retaliatory levies. Soon, warehoused goods that were brought in ahead of tariffs will run out and businesses will have difficult decisions to make: import goods at more than twice the cost or stop selling them, leaving some shelves bare for consumers. Meanwhile, businesses say they are uncertain of how to invest for the future and many have stopped hiring, according to the Federal Reserve’s Beige Book — a periodic survey of American business leaders that came out Wednesday. The word “uncertainty” appeared in the report 81 times, a record.
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