When Donald Trump came to power, he shocked the trade world by proposing new and higher taxes on imports, beginning with Chinese products and swiftly expanding to practically every country in the globe.
As the chaos caused by threats, discussions, climb-downs, and carve-outs clears, a new economic environment emerges. Trump is erecting a high, and often expensive, tariff wall, the likes of which have not existed in the United States in more than 100 years.
“It’s been an absolute nightmare,” said Jared Hendricks, owner of the Utah-based Village Lighting Company, who took out a $1.5 million (£1.1 million) loan secured by his home earlier this year to offset the sudden increase in his expenses.
In recent weeks, Trump has written to many nations explaining his plans to impose tariffs on their exports. He has also struck “frameworks” with major trading partners such as the European Union and Japan, leaving critical concerns unsettled while imposing previously unimaginable taxes. Overall, items imported into the United States will be taxed 10% to 50%, depending on their origin, up from an average tariff rate of less than 2.5% at the start of the year.
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