Trump marked the
highly anticipated start of his
massive tariffs with a classic all-caps social media rant against the rest of the world.
After
several delays, products from nearly 70 countries were hit with tariffs of 10 to 41 percent starting Thursday, risking price increases for everyday goods ranging from food and
clothing to toys and electronics,
ABC News reported.
“RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA,” Trump wrote on a
Truth Social post.
This is not at all how tariffs work. The duties are an
import tax paid by American companies—not foreign countries—with the costs typically passed on to consumers. The tariffs will cost the average American household an additional $2,400 this year, the
Yale Budget Lab found this week.
President Donald Trump marked the highly anticipated start of his massive tariffs with a classic all-caps social media rant against the rest of the world. After several delays, products from nearly 70 countries were hit with tariffs of 10 to 41 percent starting Thursday, risking price increases...
news.yahoo.com