Trump’s “Liberation Day” Tariffs Are as Extreme as It Gets
Donald Trump’s planned “Liberation Day” Wednesday will bring outrageous tariffs of 20 percent on most goods imported to the U.S., according to officials who spoke with The Washington Post.
Trump announced Sunday that the U.S. will institute reciprocal tariffs on any country that imposes tariffs on American goods, with White House officials saying Monday that any country that treats the U.S. unfairly will also receive tariffs. On Wednesday, there will also be a 25 percent tariff on automobile imports to the United States.
The president will announce his full tariff plan at the White House at 4 p.m. Wednesday, and according to officials, while 20 percent tariffs are under consideration, there is still no final decision about how big or extensive the tariffs will be, and what else they will specifically target.
Tariffs on steel and aluminum of 50 percent have already gone into effect against Canada, up from 25 percent after Canada put a reciprocal 25 percent tariff on electricity exports to the U.S. Other countries are also planning to take action against U.S. tariffs, with the European Union threatening strong retaliatory action of its own, such as measures against U.S. banks and tech companies. South Korea, China, and Japan also plan to work together on regional trade.
All of this will result in higher costs for American consumers and have terrible effects on the U.S. economy. Republicans are openly admitting that things will be worse, while claiming that there will eventually be a payoff. Trump has threatened U.S. automakers, who depend on parts that are affected by the tariffs, against raising their prices. Northern states near the Canadian border stand to suffer from lost imports and higher utility costs. How much will Trump’s “liberation” hurt American wallets?