Trump’s massive ‘reciprocal’ tariffs upend global trade | CNN Business
www.cnn.com
Despite rattled financial markets, threats of retaliation and some of President Donald Trump’s biggest supporters encouraging him to back off his signature economic policy, he didn’t give in. His administration piled on heaps of new “reciprocal” tariffs Wednesday on dozens of American allies and adversaries alike, aiming to — as he claims — restore fairness and boost American manufacturing.

Summary

Donald Trump imposed sweeping “reciprocal” tariffs on dozens of nations, including a 104% levy on Chinese goods, claiming to boost U.S. manufacturing.

These tariffs, calculated by dubious trade deficit formulas, hit major trading partners like the EU, Japan, and South Korea.

Economists warn of rising inflation, recession risks, and potential stagflation. JPMorgan estimates a 60% chance of global recession, while U.S. consumers may face $2,100 in added yearly costs.

Despite retaliation threats, Trump refuses to back down. Businesses and allies express concern over economic damage and trade instability.

  • nutsack@lemmy.dbzer0.comEnglish
    4·
    6 days ago

    do they count google and facebook and Microsoft office licenses as exports? i thought the biggest companies in the world were in america

    • gnutrino@programming.devEnglish
      4·
      6 days ago

      Those would count as services which Trump explicitly excluded from his calculation, presumably so that he could claim the US has a larger trade deficit than it actually does. Although given he basically pulled the formula out of his ass anyway I’m not sure why he bothered to fudge the numbers as well.