Trump announces sweeping new tariffs on all countries of the world, sparking fears of inflation and trade war

USA President, Donald Trump has announced a 10% baseline tariff on all imports to the United States, alongside significantly higher tariffs on dozens of countries with trade surpluses. The move threatens to disrupt global trade, drive up prices for American consumers, and ignite retaliatory trade wars with key U.S. allies. Speaking at the White House Rose Garden, Trump displayed a chart outlining the new tariff rates:34% on China20% on the European Union25% on South Korea24% on Japan32% on TaiwanThe president described the global trade systemwhich the U.S. helped establish after World War IIin stark terms, claiming that America had been looted, pillaged, raped, and plundered by foreign nations. He declared a national economic emergency to justify the new tariffs under the 1977 International Emergency Powers Act. Trump has framed these tariffs as a way to revitalize American manufacturing and generate hundreds of billions in annual revenue, but critics warn they could lead to higher costs on essential goods like cars, clothing, and electronics, ultimately burdening consumers. The announcement follows previous 25% tariffs on auto imports, expanded steel and aluminum tariffs, and sanctions on countries importing oil from Venezuela. Trump has also hinted at future tariffs on pharmaceutical drugs, lumber, copper, and computer chips.However, major trading partners are preparing to retaliate: Canada has already imposed tariffs in response to Trumps 25% levies on auto imports.The European Union has threatened new tariffs on $28 billion worth of U.S. goods, including bourbon, which could lead to a 200% tariff on European alcohol.Italys Prime Minister Giorgia Meloni warned that an EU-U.S. trade war would have heavy consequences for both sides.European Commission President Ursula von der Leyen stated, Europe did not start this confrontation, but we will respond if necessary. Even within the U.S., the tariff decision is drawing bipartisan criticism.Democrats argue that the tariffs amount to a massive tax increase on American families. Representative Suzan DelBene (D-Wash.) stated, Trump promised to lower costs, but now hes raising prices on everything. Republicans are divided. House Speaker Mike Johnson (R-La.) admitted that while the move could be rocky in the beginning, he believes it will ultimately benefit Americans.Meanwhile, business leaders warn that uncertainty over tariffs is stalling investments and disrupting supply chains. Ray Sparnaay, a Canadian manufacturing executive, described the situation as crippling, saying, For months, weve been unable to plan for the future.With inflation still a major concern, many economists argue that Trumps tariff strategy could slow growth, increase costs, and damage global trade relationships. Despite this, the administration remains firm, insisting that the policy will force other countries to lower their own trade barriers in response.   The post Trump announces sweeping new tariffs on all countries of the world, sparking fears of inflation and trade war appeared first on Linda Ikeji Blog.