Trump's global tariffs take effect, with new additions
Tariffs on more than 90 US trading partners went into effect, escalating the global trade war
What happened
President Donald Trump's tariffs on more than 90 U.S. trading partners went into effect this morning, the White House said. On top of the new import taxes, which range from 10% to 41%, Trump Wednesday signed an executive order raising his tariff on Indian imports to 50%, from 25%, due to the country's purchasing of Russian oil. He also said he would slap a "tariff of approximately 100% on chips and semiconductors" unless "you're building in the United States."
Who said what
Trump's "punishing new tariffs" escalated a "global trade war that he has started" and insists will "help reset trade relationships that he deems unfair," bring in new tax revenue and revive U.S. manufacturing, The New York Times said. "I think the growth is going to be unprecedented," Trump said Wedneday.
But "so far, there are signs of self-inflicted wounds to America," The Associated Press said. The "economic fallout" of Trump's "monthslong tariff threats has begun to create visible damage for the U.S. economy," ushering in slower growth, rising prices and stalled hiring.
The "effective average tariff rate on all imported goods now stands at roughly 18% versus 2.3% last year," The Wall Street Journal said. That's the highest rate since 1934, and it will cost U.S. households an average of $2,400 a year, the nonpartisan Yale Budget Lab estimated.
What next?
The additional 25% tariff for India won't take effect until Aug. 27, so "both India and Russia might have time to negotiate," the AP said. For the U.S., the fallout from Trump's trade war won't be "made for television where it's this explosion," Brad Jensen, an economist at Georgetown University, told the outlet. "It's going to be fine sand in the gears and slow things down."
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Political cartoons for October 26Cartoons Sunday’s editorial cartoons include Young Republicans group chat, Louvre robbery, and more
-
Why Britain is struggling to stop the ransomware cyberattacksThe Explainer New business models have greatly lowered barriers to entry for criminal hackers
-
Greene’s rebellion: a Maga hardliner turns against TrumpIn the Spotlight The Georgia congresswoman’s independent streak has ‘not gone unnoticed’ by the president
-
Marjorie Taylor Greene’s rebellion: Maga hardliner turns on TrumpIn the Spotlight The Georgia congresswoman’s independent streak has ‘not gone unnoticed’ by the president
-
‘Congratulations on your house, but maybe try a greyhound instead’Instant Opinion Opinion, comment and editorials of the day
-
Trump wants to exert control over federal architectureThe Explainer Beyond his ballroom, Trump has several other architectural plans in mind
-
NY attorney general asks public for ICE raid footageSpeed Read Rep. Dan Goldman claims ICE wrongly detained four US citizens in the Canal Street raid and held them for a whole day without charges
-
Trump’s huge ballroom to replace razed East WingSpeed Read The White House’s east wing is being torn down amid ballroom construction
-
Trump expands boat strikes to Pacific, killing 5 moreSpeed Read The US military destroyed two more alleged drug smuggling boats in international waters
-
Whistles emerge as Chicago’s tool to fight ICEIN THE SPOTLIGHT As federal agents continue raiding the city, communities have turned to noisemakers to create a warning system
-
Will California’s Proposition 50 kill gerrymandering reform?Talking Points Or is opposing Trump the greater priority for voters?
