Washington -President Trump officially began to implement high import taxes on dozens of countries on Thursday, such as the economic decline of the threats of his months tariffs, the economic decline began to cause damage to the American economy.
The White House stated that the goods from over 60 countries, starting just after midnight EDT and the European Union began to face tariff rates of 10% or more. Products in the European Union, Japan and South Korea are being taxed at 15%, while the imports of Taiwan, Vietnam and Bangladesh are being taxed at 20%. Mr. Trump also hopes to invest hundreds of billions of dollars in America in places like European Union, Japan and South Korea
He immediately shouted the levy on his true social stage, saying, “This is midnight !!! Arabs in the tariff are now flowing in the United States!”
About an hour earlier, he posted, “Emperor tariffs are effective at midnight tonight! Arabs, large scale countries that have taken advantage of the United States for many years, will start flowing in the United States all the way, start flowing in the United States. The only thing that can stop America’s greatness will be a staunch -left -handed court that wants our country to face!”
On Wednesday afternoon, Mr. Trump said, “I think development is going to be unprecedented,” saying that America was taking hundreds of billions of dollars in tariffs. ” But he said that he cannot provide a specific figure for revenue because “we do not even know what the final number about tariff rates is”.
Despite uncertainty, the Trump White House is confident that his widespread tariff will provide clarity about the world’s largest economy. Now that companies understand that the direction leading in the direction of America, the administration believes it can increase new investments and start jumping in ways that can re -order the American economy as a manufacturing power.
But so far, there are signs of self-inspired wounds for the US equally to companies and consumers for the impact of new taxes. What the data has shown is an American economy that has changed with the initial rollout of the President in April, an event that led to a final decision to start its universal tariff on Thursday of the market drama, a dialogue period and Mr. Trump on Thursday.
After April, economic reports revealed that the hiring stalls started, the pressure of inflation moved upwards and the values of the house began to decline in the major markets, which said John Silvia, CEO of Dynamic Economic Strategy.
Sylvia said in an analysis note, “A low productive economy requires less workers.” “But more, high tariff prices are low workers’ actual wages. The economy has become less productive, and firms cannot pay real wages as before. The results of the actions.”
Nevertheless, the final changes of tariffs are unknown and not for years, then can play out of months. Many economists say the risk is that the American economy is constantly disappeared rather than immediately collapse.
Brad Jensen, a professor at the University of Georgetown, said, “We all want it to be made for television where it is an explosion – it is not so.” “It’s going to be fine sand in gear and slowing things.”
Mr. Trump has continued to promote tariffs as a way to reduce trade deficit. But the importers demanded to avoid taxes by importing more goods before taxes were effective. As a result, the trade imbalance of $ 582.7 billion for the first half of the year was 38% higher than 2024. The total construction expenses have fallen by 2.9% in the last one year, and the factory jobs promised by Mr. Trump have actually suffered a loss in jobs so far.
On Thursday, lead-ups fit the slap nature of Shri Trump’s tariff, which have been rolled variously, went back, delayed, increased, by letter and were replenished by a letter.
This process has been so bad that the officials for major trade partners were not clear at the beginning of the week whether tariffs would begin on Thursday or Friday. To delay the start of tariff from August 1, the language of 31 July order said that high tax rates will start in seven days.
On Wednesday morning, Kevin Haset, director of the White House National Economic Council, was asked if the new tariffs started at midnight on Thursday, and he said reporters should investigate with the office of the US trade representative.
Mr. Trump announced on Wednesday Additional 25% tariff to be imposed on India For the purchase of Russian oil, to bring India’s total import taxes up to 50%. They have said that import taxes are still Drugs are coming on medicines And announced 100% tariff on computer chipsWhich means that the American economy can live in place of suspended animation as it waits for effects.
President’s use of 1977 law to declare tariffs Is also being challengedThe imminent decision before the US appeal court may cause Mr. Trump to find other legal justification if judges say it is more than its right.
Even those who worked with Mr. Trump during their first term suspects that things will run smoothly for the economy, such as Paul Ryan, former Republican House Speaker, who emerged as Trump Critics.
Ryan told CNBC on Wednesday, “There is no argument for the President other than the President that the President wanted to raise tariffs on the basis of his whisper.” “I think the tempering water is ahead because I think they have some legal challenges.”
Nevertheless, the stock market has been solid during the recent tariff drama, with the S&P 500 index climbing more than 25% of its April. Market reversal and Mr. Trump deducts income tax in tax and spending measures The law signed on July 4 has assured the White House that it is bound to accelerate economic growth in the coming months.
So far, the President says that he still estimates an economic bounce while the rest of the world and American voters are nervous.
“There is a person who can be a Cavalier about the uncertainty he is making, and he is Donald Trump,” Rachel West, a senior partner of the Century Foundation, said, who worked at the Biden White House on a Labor Policy. “The rest of the Americans are already paying the price for that uncertainty.”
