Business experts said that US imports can travel hiking on the executive order of President Trump and increase uncertainty for millions of businesses.
Materials released by White House on Thursday New tariff rates outline For dozens of countries, but the details about how to implement business agreements meet this, said the co-director of Barry Apple, New York Law School Center for International Law.
He told CBS Manivatch, “The last thing is a unanswered question. They were looking for certainty, and instead we have a huge rubic cube.” He said, “Everyone is waiting for the ‘Liberation Day’ to end,” he said, referring to the country-based tariff announcements, Mr. Trump was first created in early April. “Instead, with this announcement, what is happening to us is another crime.”
Under the new import duties of the Trump administration, most countries will face at least 15%basic tariffs, although other countries will face more than 40%. According to fitch rating, the US effective tariff rate is now 17% – most in decades.
This may mean pricier textiles from Vietnam, shoes and toys from China, chocolate from Switzerland, and coffee from Brazil, according to economists. As a result, according to a new American tariff, Americans can spend an average of $ 2,048 per year Analysis From the National Taxpayers Union, a nonpartison advocacy organization.
Mr. Trump has argued that to correct his tariff strategy, it is necessary to see what he sees in improper trading practices and revives American manufacturing, and still indicates a inflation rates. But many economists warn Tariffs can lead For high inflation More sluggish economic development, and some initial trade moves of the President Financial Markets,
The White House has said that Mr. Trump’s business policies benefit Americans.
White House spokesperson Kush Desai said in a statement to CBS Manivatch, “President Trump’s business deals have unlocked the unprecedented market access to US exports, which are more than $ 32 trillion with a total of 1.2 billion people in total.” “These historical trade deals and the pro-goth of administration’s pro-goth domestic agenda are effective, and the tax cuts of a large beautiful bill are effective, American businesses and families have the same.
On social media, American trade representative Jaimison Greer said the tariff “is a knockout win on the deformed global trade order that has denied American workers, farmers and manufacturers for decades.”
He said that Trump’s foreign trade policy has “increased tariffs to protect new market for American exporters, to protect important industries, and increased trillions of new manufacturing investments that will create great American jobs.”
Which products can get the pricier?
According to an analysis by Oxford Economics, in the US, the most time is imported from abroad – and so their prices are likely to see the increase in their prices – home appliances, furniture, cars, clothes, sports equipment, toys and cleaning products.
According to the analysis of the consumption data of the investment research firm, the price of such goods increased by nearly 1% in June, or more than doubled in May, an indication that tariffs are beginning to leak in the cost of everyday items.
“The question is really what is not going to happen at the price. The costs were being eaten at the profits of the companies, but it is not durable,” said Appleton.
Mr. Trump slapped some highest tariffs on major trade partners such as Canada, a major wood provider for American companies. According to Oxford, it can cause high housing costs. He said that some fruits and vegetables can also get a price in this winter as the stock store absorbs grocery stores on imports in shelves, he said.
American vehicle manufacturers, including Ford, GM and Stelanis, have recently warned that the high American tariffs will reduce their profits by billion dollars. It is likely to increase the prices of new car, Terence Lau, Dean of Syrakuse University College of Law and a government affairs executive in Ford in the east.
“My advice to consumers in April was that they should wait to buy a car,” Lau said, which expects the dealer’s prices to rise between 4% to 6% for the 2026 model. “In August, my advice is now to buy.”
Although many businesses are still selling inventory that they imported into bid to avoid high tariffs earlier this year, later imports will probably be subject to newly declared levy when reaching American ports, according to business experts, according to business experts.
“A lot of businesses were loaded to bring them to the door before announcing the tariff,” told CBS Manivatch, senior American economist at Oxford Economics. A lot of businesses were loaded. Now they have to increase their costs as the inventory decreases and the business starts to reproduce them. ” “We hope that the cost will increase in the second half of the year,”
With potentially high prices, American consumers may face delayed product options, according to economists. This is largely because companies unable to resume manufacturing in the US are likely to prevent low-margins from importing goods because they proceed to control the cost.
“In many cases, the tariff would be so high that we will make Ambergo,” Martin said. “It will make more difficult for retail vendors and distributors to achieve things in the market.”
A supply-series specialist and senior director Rodney Manzo of Business Management Software Company, SEZ said that high tariffs often affect businesses and consumers beyond the cash register.
“For the average shopkeeper, the effects do not always appear as a large price increase on the shelf. Instead, it is the subller – low options, small volume and low generous promotion,” he said. “Companies are quietly reducing [their stockpiles]Refuying product glasses or separating expensive components to hit margin goals. ,
