President Donald Trump has imposed new import duties on all goods entering the United States, causing the most significant disruption in the world trading order since the end of WWII. His plan establishes a 10% baseline duty on all imports, which is consistent with his pledge from last year’s White House campaign.
Trump warned that items from approximately 60 trade partners listed by the White House as “worst offenders,” including the European Union and China, will face increased tariffs in retaliation for unfair trade tactics.
Analysts predicted that the intensification of the trade war would result in higher costs for Americans and weaker growth in the United States, while certain countries across the world could enter a recession.
However, in Wednesday’s announcement at the White House, Trump stated that the measures were essential because countries were taking advantage of the US by imposing high tariffs and other trade obstacles.
Declaring a national emergency, the Republican president stated that the United States had been “looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike” for over five decades.
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