Hot
“President Trump announced a 10% baseline tariff on all imports, with steeper rates targeting China (34%), the EU (20%), and other trade partners, vowing to end decades of ‘economic looting.’”
President Donald Trump unveiled sweeping tariffs on Wednesday, imposing a 10% baseline tax on all U.S. imports and sharply higher rates on nations like China (34%), the EU (20%), and Japan (24%), accusing them of exploiting American trade policies. Declaring a national economic emergency, Trump claimed the U.S. had been “looted, pillaged, raped, plundered” by unfair deals, promising the measures would repatriate manufacturing jobs. The policy, projected to generate hundreds of billions annually, could disrupt global supply chains and trigger retaliatory tariffs.
While Trump asserted, “Taxpayers have been ripped off for more than 50 years… but it is not going to happen anymore,” economists warn of immediate consumer price hikes on goods from cars to clothing. The move marks a dramatic escalation in Trump’s trade wars, challenging the post-WWII economic order and risking a broader slowdown as businesses and allies brace for fallout.