Pres. Trump promises new tariffs regime
Describes Wednesday’s announcement as “liberation day”
WASHINGTON (Gray DC) - President Trump is calling it “Liberation Day”. Wednesday he’ll unveil his plan for his latest batch of tariffs.
Financial markets and America’s trading partners will be watching with interest Wednesday as President Trump will unveil the details of his plan to impose significant tariffs on foreign goods.
The istration predicts that the new tariffs will bring a windfall to the U.S. Treasury.
Trade advisor Peter Navarro is forecasting that the trade tariffs will raise about $600 billion a year, about $6 trillion over a 10-year period.
White House Press Secretary Karoline Leavitt explained how the Trump istration views tariffs. “A tariff will be a tax on these foreign nations, these foreign companies. And if they want to, be absolved of that tariff, then they can come here to the United States of America to do business, bring their jobs here.”
Economists have repeatedly noted that tariffs are paid by importers and costs are often ed onto consumers . Senate Minority Leader Chuck Schumer (D-N.Y.) doesn’t deny the necessity for tariffs. But he believes the istration is not targeting them properly.
“Yes, are there certain areas where tariffs might be needed? Yes, it should be pinpointed, in specific areas, but typical of this istration, they use a blunderbuss instead of a scalpel, they use a hatchet instead of a scalpel, they use a chainsaw instead of a scalpel.”
Also being implemented starting Wednesday – 25 percent tariffs on all autos built outside the U.S. While the President predicts that will lead to a surge in purchases of American cars and trucks, economists forecast that U.S. automakers are also likely to raise their prices – in order to increase profits…but also because many auto parts are made in Canada and Mexico, along with computer chips in Taiwan.
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