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Trump announces sweeping new tariffs to promote US manufacturing, risking inflation and trade wars

Trump announces sweeping new tariffs to promote US manufacturing, risking inflation and trade wars
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Trump announces sweeping new tariffs to promote US manufacturing, risking inflation and trade wars
President Donald Trump declared on Wednesday a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States, threatening to upend much of the architecture of the global economy and trigger broader trade wars.Trump held up a chart while speaking at the White House, showing the United States would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 24% on Japan and 32% on Taiwan.The president used aggressive rhetoric to describe a global trade system that the United States helped to build after World War II, saying 바카라 게임 웹사이트our country has been looted, pillaged, raped, plundered바카라 게임 웹사이트 by other nations.Trump declared a national economic emergency to launch the tariffs, expected to produce hundreds of billions in annual revenues. He has promised that factory jobs will return back to the United States as a result of the taxes, but his policies risk a sudden economic slowdown as consumers and businesses could face sharp price hikes on autos, clothes and other goods.바카라 게임 웹사이트Taxpayers have been ripped off for more than 50 years," Trump said in remarks at the White House. "But it is not going to happen anymore.바카라 게임 웹사이트Trump was fulfilling a key campaign promise as he imposed what he called 바카라 게임 웹사이트reciprocal바카라 게임 웹사이트 tariffs on trade partners, acting without Congress through the 1977 International Emergency Powers Act in an extraordinary attempt to both break and ultimately reshape America바카라 게임 웹사이트s trading relationship with the world.The president's higher rates would hit foreign entities that sell more goods to the United States than they buy, meaning the tariffs could stay in place for some time as the administration expects other nations to lower their tariffs and other barriers to trade that it says have led to a $1.2 trillion trade imbalance last year.The tariffs follow similar recent announcements of 25% taxes on auto imports; levies against China, Canada and Mexico; and expanded trade penalties on steel and aluminum. Trump has also imposed tariffs on countries that import oil from Venezuela and he plans separate import taxes on pharmaceutical drugs, lumber, copper and computer chips.None of the warning signs about a falling stock market or consumer sentiment turning morose have caused the administration to publicly second-guess its strategy, despite the risk of political backlash as voters in last year's election said they wanted Trump to combat inflation.Senior administration officials, who insisted on anonymity to preview the new tariffs with reporters ahead of Trump's speech, said the taxes would raise hundreds of billions of dollars annually in revenues. They said the 10% baseline rate existed to help ensure compliance, while the higher rates were based on the trade deficits run with other nations and then halved to reach the numbers that Trump presented in the Rose Garden.In a follow-up series of questions by The Associated Press, the White House could not say whether the tariff exemptions on imports worth $800 or less would remain in place, possibly shielding some imports from the new taxes.Based on the possibility of broad tariffs that have been floated by some White House aides, most outside analyses by banks and think tanks see an economy tarnished by higher prices and stagnating growth.Trump would be applying these tariffs on his own; he has ways of doing so without congressional approval. That makes it easy for Democratic lawmakers and policymakers to criticize the administration if the uncertainty expressed by businesses and declining consumer sentiment are signs of trouble to come.Heather Boushey, a member of the Biden White House's Council of Economic Advisers, noted that the less aggressive tariffs Trump imposed during his first term failed to stir the manufacturing renaissance he promised voters.바카라 게임 웹사이트We are not seeing indications of the boom that the president promised," Boushey said. 바카라 게임 웹사이트It's a failed strategy.바카라 게임 웹사이트Rep. Suzan DelBene, D-Wash., said the tariffs are 바카라 게임 웹사이트part of the chaos and dysfunction바카라 게임 웹사이트 being generated across the Trump administration. The chair of the Democratic Congressional Campaign Committee stressed that Trump should not have the sole authority to raise taxes as he intends without getting lawmakers' approval, saying that Republicans so far have been 바카라 게임 웹사이트blindly loyal.바카라 게임 웹사이트바카라 게임 웹사이트The president shouldn바카라 게임 웹사이트t be able to do that," DelBene said. "This is a massive tax increase on American families, and it바카라 게임 웹사이트s without a vote in Congress ... President Trump promised on the campaign trail that he would lower costs on day one. Now he says he doesn바카라 게임 웹사이트t care if prices go up 바카라 게임 웹사이트 he바카라 게임 웹사이트s broken his promise.바카라 게임 웹사이트Even Republicans who trust Trump's instincts have acknowledged that the tariffs could disrupt an economy with an otherwise healthy 4.1 % unemployment rate.바카라 게임 웹사이트We바카라 게임 웹사이트ll see how it all develops,바카라 게임 웹사이트 said House Speaker Mike Johnson, R-La. 바카라 게임 웹사이트It may be rocky in the beginning. But I think that this will make sense for Americans and help all Americans.바카라 게임 웹사이트Longtime trading partners are preparing their own countermeasures. Canada has imposed some in response to the 25% tariffs that Trump tied to the trafficking of fentanyl. The European Union, in response to the steel and aluminum tariffs, put taxes on 26 billion euros' worth ($28 billion) of U.S. goods, including on bourbon, which prompted Trump to threaten a 200% tariff on European alcohol.Many allies feel they have been reluctantly drawn into a confrontation by Trump, who routinely says America's friends and foes have essentially ripped off the United States with a mix of tariffs and other trade barriers.The flip side is that Americans also have the incomes to choose to buy designer gowns by French fashion houses and autos from German manufacturers, whereas World Bank data show the EU has lower incomes per capita than the U.S.바카라 게임 웹사이트Europe has not started this confrontation,바카라 게임 웹사이트 said European Commission President Ursula von der Leyen. 바카라 게임 웹사이트We do not necessarily want to retaliate but, if it is necessary, we have a strong plan to retaliate and we will use it.바카라 게임 웹사이트Italy바카라 게임 웹사이트s premier, Giorgia Meloni, on Wednesday reiterated her call to avoid an EU-US trade war, saying it would harm both sides and would have 바카라 게임 웹사이트heavy바카라 게임 웹사이트 consequences for her country's economy.Because Trump had hyped his tariffs without providing specifics until Wednesday, he provided a deeper sense of uncertainty for the world, a sign that the economic slowdown could possibly extend beyond U.S. borders to other nations that would see one person to blame.Ray Sparnaay, general manager of JE Fixture & Tool, a Canadian tool and die business that sits across the Detroit River, said the uncertainty has crushed his company's ability to make plans.바카라 게임 웹사이트There바카라 게임 웹사이트s going to be tariffs implemented. We just don바카라 게임 웹사이트t know at this point,바카라 게임 웹사이트 he said Monday. 바카라 게임 웹사이트That바카라 게임 웹사이트s one of the biggest problems we바카라 게임 웹사이트ve had probably the last 바카라 게임 웹사이트 well, since November 바카라 게임 웹사이트 is the uncertainty. It바카라 게임 웹사이트s basically slowed all of our quoting processes, business that we hope to secure has been stalled.바카라 게임 웹사이트___Associated Press writers Mike Householder in Oldcastle, Ontario, Sylvie Corbet in Paris and Lisa Mascaro contributed to this report.

President Donald Trump declared on Wednesday a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States, threatening to upend much of the architecture of the global economy and trigger broader trade wars.

Trump held up a chart while speaking at the White House, showing the United States would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 24% on Japan and 32% on Taiwan.

Advertisement

The president used aggressive rhetoric to describe a global trade system that the United States helped to build after World War II, saying 바카라 게임 웹사이트our country has been looted, pillaged, raped, plundered바카라 게임 웹사이트 by other nations.

Trump declared a national economic emergency to launch the tariffs, expected to produce hundreds of billions in annual revenues. He has promised that factory jobs will return back to the United States as a result of the taxes, but his policies risk a sudden economic slowdown as consumers and businesses could face sharp price hikes on autos, clothes and other goods.

바카라 게임 웹사이트Taxpayers have been ripped off for more than 50 years," Trump said in remarks at the White House. "But it is not going to happen anymore.바카라 게임 웹사이트

Trump was fulfilling a key campaign promise as he imposed what he called 바카라 게임 웹사이트reciprocal바카라 게임 웹사이트 tariffs on trade partners, acting without Congress through the 1977 International Emergency Powers Act in an extraordinary attempt to both break and ultimately reshape America바카라 게임 웹사이트s trading relationship with the world.

The president's higher rates would hit foreign entities that sell more goods to the United States than they buy, meaning the tariffs could stay in place for some time as the administration expects other nations to lower their tariffs and other barriers to trade that it says have led to a $1.2 trillion trade imbalance last year.

The tariffs follow similar recent announcements of 25% taxes on auto imports; levies against China, Canada and Mexico; and expanded trade penalties on steel and aluminum. Trump has also imposed tariffs on countries that import oil from Venezuela and he plans separate import taxes on pharmaceutical drugs, lumber, copper and computer chips.

None of the warning signs about a falling stock market or consumer sentiment turning morose have caused the administration to publicly second-guess its strategy, despite the risk of political backlash as voters in last year's election said they wanted Trump to combat inflation.

Senior administration officials, who insisted on anonymity to preview the new tariffs with reporters ahead of Trump's speech, said the taxes would raise hundreds of billions of dollars annually in revenues. They said the 10% baseline rate existed to help ensure compliance, while the higher rates were based on the trade deficits run with other nations and then halved to reach the numbers that Trump presented in the Rose Garden.

In a follow-up series of questions by The Associated Press, the White House could not say whether the tariff exemptions on imports worth $800 or less would remain in place, possibly shielding some imports from the new taxes.

Based on the possibility of broad tariffs that have been floated by some White House aides, most outside analyses by banks and think tanks see an economy tarnished by higher prices and stagnating growth.

Trump would be applying these tariffs on his own; he has ways of doing so without congressional approval. That makes it easy for Democratic lawmakers and policymakers to criticize the administration if the uncertainty expressed by businesses and declining consumer sentiment are signs of trouble to come.

Heather Boushey, a member of the Biden White House's Council of Economic Advisers, noted that the less aggressive tariffs Trump imposed during his first term failed to stir the manufacturing renaissance he promised voters.

바카라 게임 웹사이트We are not seeing indications of the boom that the president promised," Boushey said. 바카라 게임 웹사이트It's a failed strategy.바카라 게임 웹사이트

Rep. Suzan DelBene, D-Wash., said the tariffs are 바카라 게임 웹사이트part of the chaos and dysfunction바카라 게임 웹사이트 being generated across the Trump administration. The chair of the Democratic Congressional Campaign Committee stressed that Trump should not have the sole authority to raise taxes as he intends without getting lawmakers' approval, saying that Republicans so far have been 바카라 게임 웹사이트blindly loyal.바카라 게임 웹사이트

바카라 게임 웹사이트The president shouldn바카라 게임 웹사이트t be able to do that," DelBene said. "This is a massive tax increase on American families, and it바카라 게임 웹사이트s without a vote in Congress ... President Trump promised on the campaign trail that he would lower costs on day one. Now he says he doesn바카라 게임 웹사이트t care if prices go up 바카라 게임 웹사이트 he바카라 게임 웹사이트s broken his promise.바카라 게임 웹사이트

Even Republicans who trust Trump's instincts have acknowledged that the tariffs could disrupt an economy with an otherwise healthy 4.1 % unemployment rate.

바카라 게임 웹사이트We바카라 게임 웹사이트ll see how it all develops,바카라 게임 웹사이트 said House Speaker Mike Johnson, R-La. 바카라 게임 웹사이트It may be rocky in the beginning. But I think that this will make sense for Americans and help all Americans.바카라 게임 웹사이트

Longtime trading partners are preparing their own countermeasures. Canada has imposed some in response to the 25% tariffs that Trump tied to the trafficking of fentanyl. The European Union, in response to the steel and aluminum tariffs, put taxes on 26 billion euros' worth ($28 billion) of U.S. goods, including on bourbon, which prompted Trump to threaten a 200% tariff on European alcohol.

Many allies feel they have been reluctantly drawn into a confrontation by Trump, who routinely says America's friends and foes have essentially ripped off the United States with a mix of tariffs and other trade barriers.

The flip side is that Americans also have the incomes to choose to buy designer gowns by French fashion houses and autos from German manufacturers, whereas show the EU has lower incomes per capita than the U.S.

바카라 게임 웹사이트Europe has not started this confrontation,바카라 게임 웹사이트 said European Commission President Ursula von der Leyen. 바카라 게임 웹사이트We do not necessarily want to retaliate but, if it is necessary, we have a strong plan to retaliate and we will use it.바카라 게임 웹사이트

Italy바카라 게임 웹사이트s premier, Giorgia Meloni, on Wednesday reiterated her call to avoid an EU-US trade war, saying it would harm both sides and would have 바카라 게임 웹사이트heavy바카라 게임 웹사이트 consequences for her country's economy.

Because Trump had hyped his tariffs without providing specifics until Wednesday, he provided a deeper sense of uncertainty for the world, a sign that the economic slowdown could possibly extend beyond U.S. borders to other nations that would see one person to blame.

Ray Sparnaay, general manager of JE Fixture & Tool, a Canadian tool and die business that sits across the Detroit River, said the uncertainty has crushed his company's ability to make plans.

바카라 게임 웹사이트There바카라 게임 웹사이트s going to be tariffs implemented. We just don바카라 게임 웹사이트t know at this point,바카라 게임 웹사이트 he said Monday. 바카라 게임 웹사이트That바카라 게임 웹사이트s one of the biggest problems we바카라 게임 웹사이트ve had probably the last 바카라 게임 웹사이트 well, since November 바카라 게임 웹사이트 is the uncertainty. It바카라 게임 웹사이트s basically slowed all of our quoting processes, business that we hope to secure has been stalled.바카라 게임 웹사이트

___

Associated Press writers Mike Householder in Oldcastle, Ontario, Sylvie Corbet in Paris and Lisa Mascaro contributed to this report.