U.S. President Donald Trump has unveiled sweeping new tariffs on imports, including a baseline 10% levy and higher rates for certain nations—sparking market chaos and international outcry. 🌐💥 The policy, framed as a bid to boost U.S. manufacturing, took aim at trade partners with large deficits, escalating tensions in a fragile global economy.
The New Tariff Blueprint 📊
Starting April 5, nearly all imports will face a 10% duty, with steeper penalties kicking in days later for 60+ countries. Key exemptions include pharmaceuticals and semiconductors, while Canada and Mexico get mixed relief under USMCA rules. China faces a 34% rate, the EU 20%, and Vietnam 49%—figures Trump claims offset foreign "trade barriers" and currency tactics.
Markets Tumble, Critics Warn of ‘Tax Hike’ 📉
U.S. stocks plummeted post-announcement, erasing $5 trillion in value since February. Economists slammed the move as a "regressive tax" on Americans, fearing inflation spikes and global recessions. Rep. Gregory Meeks (D-NY) called it "reckless," vowing legislative pushback unlikely to pass Congress.
Global Backlash Brews 🚨
From Australia to the EU, leaders pledged retaliatory measures. Italy’s PM warned of weakening the West, Canada vowed a "fight," and Brazil fast-tracked its retaliation framework. As trade wars loom, analysts predict higher prices for everything from bikes to Bordeaux. 🚲🍷
