There was one rate for China, another for Britain, one for the European Union – “they’re very tough traders” – and a different rate for India. Indeed, it appeared there was a different number for every country the US trades with.
In theory, Trump and his team, of what White House press secretary Karoline Leavitt said were experienced experts, had been working on the roll-out for some time.
“This will be the golden age of America,” he said. “It’s coming back, and we’re going to come back very strongly.”
Tariffs are taxes, paid by importers as items enter the country, and then are most usually passed onto the consumer.
And if other countries retaliate with higher tariffs on the US, it will trigger a trade war of series of trade wars, that will mean higher pries for everyone.
Donald Trump signs executive orders imposing tariffs on imported goods during a ‘Make America Wealthy Again’ trade announcement (Photo: Andrew Harnik/Getty Images)Trump said this was “the worst trade deal ever made”, but he renegotiated the terms with the two countries during his first term.
Trump had to spend $16bn bailing out such individuals in 2019 who would otherwise have lost everything.
In his three months back in the Oval Office, Trump has already torn up the strategic alliance that was established after the end of World War II, and shown he is happy for America to have a less global role.
Yet that so-called “Gilded Age” existed in a very world, where countries were not as interconnected as they are now and where producing an iPhone involves products from 43 countries. Trump wants to turn back the clock but it is far from clear he can do so.
To date, Trump has only created more uncertainty for the very people who voted for him. And if he presses ahead with planned tax cuts for the wealthy, while the tariffs sit in place, he risks doing even more harm.
Trump has truly gambled big. We will very quickly see if the move backfires.
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