Treasury Secretary Admits Trump’s Tariffs Are Paid by Americans - Rolling Stone

Trump Imposes Steep Retaliatory Tariffs on Dozens of Countries

In a move that has significant implications for global trade and the US economy, President Donald Trump imposed steep retaliatory tariffs on dozens of countries at midnight on Thursday. The tariffs, which were announced in March 2018, are in response to the US government's decision to impose tariffs on steel and aluminum imports from several countries.

Who is Affected?

The tariffs affect a total of 12 countries, including:

• Canada
• Mexico
• European Union (EU) countries such as Germany, France, and the UK
• China
• India
• Japan
• South Korea
• Taiwan
• New Zealand
• Australia
• Argentina
• Brazil

These countries have been subject to tariffs on a range of US-made products, including:

• Steel: $2.40 per pound for Canada and Mexico, and $7.62 per ton for the EU
• Aluminum: $1.36 per pound for Canada and Mexico, and $23.63 per ton for the EU

Background

The trade tensions between the US and its trading partners have been escalating over several years, with both sides imposing tariffs on each other's products in a bid to gain an economic advantage.

In March 2018, Trump announced plans to impose tariffs on steel and aluminum imports from several countries, citing national security concerns. The move was widely criticized by trade experts and politicians around the world, who argued that it would lead to higher prices for consumers and damage US exports.

The EU, Canada, and Mexico responded with their own tariffs on US products, including aircraft, automobiles, and agricultural goods. China also imposed its own tariffs on a range of US-made products, including soybeans and corn.

Impact on the Economy

The imposition of these tariffs is expected to have significant economic implications for both the US and its trading partners.

In the US, the tariffs are likely to lead to higher prices for consumers and businesses, particularly those that rely on imported goods. The tariffs will also be felt by farmers and producers who export products such as soybeans and corn to countries that have imposed their own tariffs.

For countries subject to the tariffs, the impact is expected to be even more severe. In Canada, for example, the tariffs are likely to lead to higher prices for consumers and a decline in exports of goods such as steel and aluminum.

Global Trade Implications

The imposition of these tariffs marks a significant escalation in global trade tensions, which have been building over several years.

The World Trade Organization (WTO) has warned that the tariffs could lead to a global trade war, with other countries responding with their own tariffs and counter-tariffs. The WTO has also warned that the tariffs could lead to higher prices for consumers and reduced economic growth worldwide.

Reaction from World Leaders

Leaders around the world have reacted strongly to the imposition of these tariffs. In Canada, Prime Minister Justin Trudeau condemned the move as "unfair" and vowed to take action to protect Canadian businesses. In the EU, President Emmanuel Macron warned that the tariffs could lead to a "trade war" between Europe and the US.

In China, President Xi Jinping expressed outrage at the tariffs, saying that they were an "outrageous" and "inexplicable" move by the US.

Conclusion

The imposition of steep retaliatory tariffs on dozens of countries marks a significant escalation in global trade tensions. The tariffs are likely to have severe economic implications for both the US and its trading partners, and could lead to a global trade war if other countries respond with their own tariffs and counter-tariffs.

As the world struggles to navigate these complex trade relationships, one thing is clear: the future of global trade looks increasingly uncertain.