Trump launches tariff barrage, but stresses desire to cut deals
World leaders and business executives are bracing for higher tariff rates that took effect at 12:01 a.m. Wednesday.
World leaders and business executives are bracing for higher tariff rates that took effect at 12:01 a.m. Wednesday.
Hope still remains on Wall Street that negotiations may be possible. The country’s top trade negotiator, Jamieson Greer, said roughly 50 countries have already been in contact about new tariff deals.
The discussions highlight how the auto industry is beginning to digest the initial fallout from President Donald Trump’s escalating trade war.
America’s trading partners wrestled with responses to U.S. President Donald Trump’s blast of tariff hikes and some planned to send negotiators to Washington, D.C.
President Trump’s threat, which he delivered on social media, came after China said it would retaliate against U.S. tariffs announced last week.
President Trump’s comments came as global financial markets appeared on track to continue sharp declines once trading resumes Monday.
The new tariff matches the rate of the U.S. “reciprocal” tariff of 34% on Chinese exports that President Donald Trump ordered this week.
Goods imported from dozens of countries and territories are now going to be taxed at sharply higher rates, and that is expected to drive up the costs of everything from cars to clothes to computers.
President Donald Trump on Thursday revoked a nearly century-old tax loophole that saved companies from paying tens of billions of dollars in fees on cheap imports, most of which come from China.
President Donald Trump on Wednesday announced a baseline tax on imports from all countries, as well as what he called “reciprocal” tariffs on dozens of nations that run trade surpluses with the U.S.
As the trade wars launched by U.S. President Donald Trump continue to escalate, all eyes are on Wednesday.
President Donald Trump, in a Thursday social media post, vowed a new escalation in his trade war if the EU goes forward with the planned 50% tariff on American whiskey.
The European Union responded within hours to the Trump administration’s increase in tariffs on all steel and aluminum imports to 25%.
While President Trump’s tariffs could help steel and aluminum plants in the United States, they could raise prices for the manufacturers that use the metals as raw materials.
The U.S. stock market promptly fell following his social media post, triggering more concerns after a brutal selloff on Monday.
For an industry that has to plan well into the future, based on aging its whiskey products, angst is widespread in Kentucky, which produces 95% of the world’s bourbon supply.
The Chinese tariffs, announced last week, were a response to Trump’s decision to double the levy on Chinese imports to 20% on March 4.
Ontario provides electricity to Minnesota, New York and Michigan. Quebec is also considering taking similar measures with electricity exports to the U.S.
Also Thursday, Canadian Prime Minister Justin Trudeau indicated that he expects his country will be in a trade war with the United States for the foreseeable future.
Nearly 80% of the toys sold in the U.S. are sourced from China, according to The Toy Association, a national industry group.