Buying foreign? That’ll now cost Americans a lot more
CNN
America has a brand new tax on virtually every item that comes over its border: 10%.
America has a brand new tax on virtually every item that comes over its border: 10%. The universal tariff went into effect Saturday at 12:01 a.m. ET after President Donald Trump signed an executive order earlier in the week requiring a baseline tax for all imports. The announcement sparked an outcry from America’s trading partners — allies and foes alike — along with American businesses, investors and consumers. Economists fear the tariffs — the highest America has imposed in a century — will plunge the United States and the world into a recession. Markets have tumbled, and China’s tariff retaliation Friday launched a full-blown trade war. And Trump isn’t done. On Wednesday, America will impose significantly higher “reciprocal” tariffs on a number of countries that have the highest trade imbalances with the United States. Trump has also put in place tariffs on autos, steel and aluminum. He placed 25% tariffs on certain goods from Canada and Mexico. Tariffs on auto parts are set to go into effect no later than May. And Trump has also threatened tariffs on lumber, pharmaceuticals, copper and microchips, among other products. Trump has treated tariffs as a kind of panacea: an economic magic wand he can wave to restore America’s manufacturing prowess, bring foreign nations to heel on key disputes, restore the balance of trade and bring in gobs of money that can help pay off the US deficit and reduce Americans’ tax burdens.
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America has a brand new tax on virtually every item that comes over its border: 10%.
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Here’s a tip for anyone else who finds themselves gobsmacked: Stop trying to make it make sense.