Broad tariffs imposed by President Donald Trump took effect Thursday, targeting imports from over 60 countries, including the EU, Japan, and South Korea, with rates up to 20%
Broad tariffs imposed by President Donald Trump took effect Thursday, targeting imports from over 60 countries, including the EU, Japan, and South Korea, with rates up to 20%. India now faces total tariffs of 50% due to its Russian oil purchases. Trump claims the tariffs will generate “hundreds of billions” and spark “unprecedented” growth, but provided no figures.
Economists warn of economic damage. “Actions have consequences,” said John Silvia of Dynamic Economic Strategy, citing rising inflation, stalled hiring, and falling home values. Georgetown professor Brad Jensen described the economic impact as “fine sand in the gears.”
Indian exporters and Swiss officials voiced concern over cost surges and lost clients. Trump’s use of a 1977 emergency law faces legal scrutiny, and critics like Paul Ryan say the policy lacks clear rationale.
Despite market gains and recent tax cuts, many Americans remain wary. “The rest of Americans are already paying the price for that uncertainty,” said labor policy expert Rachel West.