Is Trump's tariffs plan working?

Donald Trump has announced fresh tariffs on more than 90 countries, as his deadline to strike trade deals passed this morning.

The US president signed an executive order imposing tariffs ranging from 10% to 41% on imports from dozens of trade partners, the latest development in the tumultuous tariff tactics he first announced in April.

What did the commentators say?

Four months after he "stunned the world" with "sweeping" new tariffs, the president "unveiled a handful of deals with trading partners and unilaterally imposed tariffs on others", said the BBC. That he did so without any "massive disruptions to the financial markets" is being touted as a victory by the Trump camp.

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But the "significant escalation" in US protectionism has led to "higher prices for consumers and bigger financial hits for companies", said Al Jazeera. Prices rose after the spring tariffs and "overall" import prices have risen about 3% since March. Automakers, airlines and consumer goods importers have taken the "worst hit", while levies on aluminium and electronics, such as semiconductors, prompted "increased costs" in the tech sector.

The "shock-and-awe" tariff campaign has had a "slow start" when it comes to Trump's campaign pledge of "reviving" US manufacturing jobs, said CNN. Although it will "take time for the full impact to play out", early evidence suggests that tariffs have "failed to inspire a hiring boom", and the "chaotic policy roll-out" is actually contributing to what one manufacturing executive called a "hellacious" landscape.

Politically, though, the tariffs are "taming China", said The Spectator. "Trump's madman tactic makes everyone crazy", but it has "frightened the world away" from reliance on a "frequently malevolent Chinese superpower".

His "gangsterism" towards the EU is working too, said The New Statesman. Allowing the threat of "withdrawal of all support" for Ukraine to "hover above" economic negotiations with the bloc has been "terribly effective", as shown by the "bizarre deal" the EU announced, under which "European concessions were seemingly exchanged for… more European concessions". If Trump can "extract significant tribute" from "wealthy" Europe in a way past presidents couldn't, "why should Americans vote for anyone else"?

What next?

But there could be a "big risk" ahead for Trump, said Sky News' business and economics reporter James Sillars. The "elephant in the room" is inflation and new data suggests that tariff charges are now "making their way down" supply chains stateside, where American consumers will feel the "squeeze". If "inflation takes off", Trump may have no choice but to "back down".

So while Trump regards the "short-term" result of his tariffs as a "victory", said the BBC, the "long-term repercussions" of his tariff tactics could "pan out rather differently" for the president, and "the America he leaves behind".