President Trump is set to announce reciprocal tariffs on U.S. trading partners, fulfilling a campaign promise to retaliate against countries imposing higher tariffs on American goods. The tariffs could impact a range of products and potentially stoke inflation. Economists warn that emerging markets like India, Brazil, and Turkey could be disproportionately affected.
Trucks loaded with shipping containers pass over Donghai Bridge to exit Yangshan Port outside of Shanghai, China on Feb. 7.U.S. president Donald Trump will unleash a major escalation of his trade war by revealing reciprocal tariffs later today on the United States' economic partners.
No details of the reciprocal tariffs were leaked early on Thursday. It was unknown whether they would be tailored to specific goods that are exported to the United States, or whether the Trump administration would implement a simpler approach and unveil universal across-the-board tariffs. Some economists said that the developing countries would have the most to lose once the tariffs are implemented. “But while most DMs would come out relatively unscathed, emerging markets would suffer a greater loss of competitiveness, with India, Brazil and Turkey looking among the most exposed,” London’s Capital Economics said in note published early Thursday.
In 2022 the EU exported 738,000 vehicles to the United States, valued at 37.4-billion euros. The EU imported only 271,000 cars from the United States, worth 8.70-billion euros.
Economics TARIFFS TRADE WAR DONALD TRUMP INFLATION GLOBAL ECONOMY
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