In a recent interview with Time, President Donald Trump reaffirmed his stance on high tariffs, stating that they could remain in place for the foreseeable future, even suggesting that a “total victory” would mean import taxes as high as 50% within a year.
Trump’s trade policies have resulted in historic tariffs on a wide range of imports, including a 10% tariff on virtually all goods entering the U.S., a 25% levy on steel, aluminum, and autos, and a staggering 145% tariff on many Chinese goods.
These tariffs have led to a significant slowdown in trade, with experts warning of rising costs for consumers and strained business operations. The U.S. effective tariff rate is now at 22.8%, the highest among developed countries, according to Fitch Ratings. As a result, American businesses are grappling with increased costs, and trade with countries like China has essentially ground to a halt. The tariffs have led to the depletion of warehoused goods, leaving businesses facing tough decisions: absorb higher import costs or stop selling certain products.
Despite the growing uncertainty, Trump maintains that these high tariffs will ultimately benefit the U.S. economy. In the Time interview, he argued that tariffs would encourage businesses to reshore production, bringing jobs and investment back to the U.S. However, critics point out the significant challenges in reshoring manufacturing, including the need to train American workers for factory jobs and the high costs of building factories in the U.S.
The tariffs have already had a noticeable impact on American consumers. Economists predict that the continued high tariffs will lead to higher prices across the board, as costs are passed down the supply chain. The Federal Reserve’s Beige Book recently noted that businesses are halting hiring, with "uncertainty" emerging as a major theme. Consumer sentiment has reached near-record lows, and many companies have downgraded their sales and profit projections due to reduced consumer spending.
Trump, however, remains optimistic. He claimed that his administration is in the process of negotiating hundreds of trade deals that could further improve the U.S.'s position in global trade. He promised to announce these deals in the coming weeks, emphasizing that the U.S. is now receiving billions of dollars daily in tariff revenues, despite the fact that tariffs are paid by American importers, not the target countries.
Despite recent market volatility and concerns about the economic impact of the tariffs, Trump continues to defend his trade strategy, insisting that the U.S. will benefit in the long run. However, the ongoing trade war and its effects on the global economy suggest that the path to “total victory” may come at a significant cost for American consumers and businesses.
Mexican President Claudia Sheinbaum on Thursday praised a recent phone call with U.S. President Donald Trump, highlighting an agreement aimed at improving the trade balance between the two nations.
U.S. President Donald Trump is set to release his fiscal year 2026 budget on Friday, which will be sent to Capitol Hill for review, Axios reported on Thursday.
Donald Trump said talks between his envoy and Vladimir Putin made major progress toward ending the Ukraine war, urging Kyiv and Moscow to meet face-to-face.
President Donald Trump on Thursday signed an executive order aimed at boosting the deep-sea mining industry, marking his latest attempt to boost U.S. access to nickel, copper and other critical minerals used widely across the economy.
President Donald Trump called on Vladimir Putin to halt missile strikes on Kyiv, urging a return to peace talks amid rising casualties.
Mercedes-Benz(MBGn.DE), opens new tab plans to begin producing a new vehicle at its Tuscaloosa, Alabama, plant in 2027, the company said Thursday, the latest in a series of investments carmakers have announced following U.S. President Donald Trump's aggressive auto tariffs.
Australians voiced a mix of optimism and apathy Friday as they geared up to vote in Saturday’s tight national election, with cost-of-living pressures, housing affordability and U.S. tariff tensions shaping the contest.
Iran and Azerbaijan have signed a landmark agreement to develop cross-border communication corridors and data transit routes, marking a significant step toward enhanced regional digital connectivity.
Mongolia’s Mineral Resources and Petroleum Authority and the Korea Gas Safety Corporation signed a Memorandum of Understanding on April 29, 2025, to enhance cooperation on flammable gas safety.
South Korea’s Prime Minister and Acting President Han Duck-soo has resigned and announced his presidential bid, pledging to shorten his term to three years in order to pursue constitutional reform and apply his economic expertise to address the ongoing trade crisis.
In an expansive interview marking his first 100 days back in office, President Donald Trump sketched out an agenda that touches everything from punitive tariffs and China policy to cease-fire hopes in Ukraine and an overhaul of domestic programmes. Below are the highlights.
A deadly explosion at Iran’s Bandar Abbas port has left at least 40 dead, with more than 1,200 people injured, state media reported on Sunday, halting operations at one of the country’s most vital trade hubs.
A vehicle crashed into a crowd at a Filipino festival in Vancouver, killing 11 and injuring dozens.
North Korea has launched a new 5,000-tonne destroyer as part of Kim Jong Un’s plans to expand the country’s naval power far beyond its coastal waters.
A massive explosion at Shahid Rajaee Port in southern Iran on Saturday killed at least four people and injured nearly 600 others, officials said, prompting an urgent government investigation.
Australians voiced a mix of optimism and apathy Friday as they geared up to vote in Saturday’s tight national election, with cost-of-living pressures, housing affordability and U.S. tariff tensions shaping the contest.
Mongolia’s Mineral Resources and Petroleum Authority and the Korea Gas Safety Corporation signed a Memorandum of Understanding on April 29, 2025, to enhance cooperation on flammable gas safety.
South Korea’s Prime Minister and Acting President Han Duck-soo has resigned and announced his presidential bid, pledging to shorten his term to three years in order to pursue constitutional reform and apply his economic expertise to address the ongoing trade crisis.
U.S. President Donald Trump has declared May 8 as Victory Day for World War II and November 11 for World War I, claiming the United States played the most decisive role in winning both wars and vowing to revive national celebrations of military triumph.
Start your day informed with AnewZ Morning Brief: here are the top news stories for May 2nd, covering the latest developments you need to know.
Mercedes-Benz(MBGn.DE), opens new tab plans to begin producing a new vehicle at its Tuscaloosa, Alabama, plant in 2027, the company said Thursday, the latest in a series of investments carmakers have announced following U.S. President Donald Trump's aggressive auto tariffs.
Australians voiced a mix of optimism and apathy Friday as they geared up to vote in Saturday’s tight national election, with cost-of-living pressures, housing affordability and U.S. tariff tensions shaping the contest.
Iran and Azerbaijan have signed a landmark agreement to develop cross-border communication corridors and data transit routes, marking a significant step toward enhanced regional digital connectivity.
Mongolia’s Mineral Resources and Petroleum Authority and the Korea Gas Safety Corporation signed a Memorandum of Understanding on April 29, 2025, to enhance cooperation on flammable gas safety.
South Korea’s Prime Minister and Acting President Han Duck-soo has resigned and announced his presidential bid, pledging to shorten his term to three years in order to pursue constitutional reform and apply his economic expertise to address the ongoing trade crisis.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment