Trump's sweeping global tariffs snap into effect, ushering in a new era of disruption
President Donald Trump’s unprecedented tariffs on global imports into the United States took effect Wednesday, reshuffling a global economic order that has largely stood for generations and prompting new retaliations from China and Europe.
President Donald Trump’s unprecedented tariffs on global imports into the United States took effect Wednesday, reshuffling a global economic order that has largely stood for generations and prompting new retaliations from China and Europe.
Now, consumers and investors alike will begin to gauge the actual impact on the U.S. economy as the cost of the import taxes starts to flow through supply chains and into businesses and household budgets.
Early Wednesday, Walmart and Delta Air Lines both withdrew earnings guidance based on the uncertainty Trump's scheme has generated, while JPMorgan Chase CEO said an interview that a recession in the U.S. was now likely.
The average tariff faced by the dozens of nations Trump targeted is 29%, with many as high as 40%. The White House has posted the full list on its website.
Chinese imports will carry a cumulative rate of as much as 104% because of new tariffs Trump imposed this year, on top of levies he had already enacted during his first term.
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