World Reacts To Trump's New Tariffs
1 day ago
President Trump's new tariffs are now in effect. Yesterday, Trump announced widespread tariffs on all imports-- in a bid to revive U.S. manufacturing and collect tax revenue.
Declaring a national economic emergency, the president rolled out 10% tariffs on all imported goods and even higher duties on dozens of countries. The president promised that factory jobs, in the long run, will return to the U.S., but economists, investors, and consumers are wary about price hikes on everyday goods in the short term.
In addition to across-the-board tariffs, Trump also announced a 25% tax on auto imports. The tariffs went into effect at midnight on all cars and trucks being shipped to the U.S.
In his Rose Garden speech, the president complained that while the U.S. imports many foreign vehicles Japan, South Korea, and other nations have put up barriers to American-made automakers.
Car dealers say the 25% tariffs will likely result in sharply higher sticker prices.
In response, automaker Stellantis is temporarily halting production at a plant in Canada and a plant in Mexico. The move will result in the temporary layoff of 900 U.S. employees.
Stellantis, which owns car brands like Jeep, Citroën and Ram, will be temporarily pausing production at its Canada plant for for the weeks of April 7th and 14th. Operations will resume at the facility the week of April 21st.
The company will also be temporarily pausing production at its plant Mexico for the month of April, starting on April 7th.
Due to the production pause, there will be temporary layoffs at plants in Michigan and Indiana.
Countries and businesses around the world are reacting to trump's sweeping tariffs. The head of the European Union says the new U.S. tariffs are a "major blow to the world economy".
EU leaders say they will be preparing countermeasures.
Plus, Asian markets are already feeling the heat from Trump's tariffs.
Beijing is also vowed to hit back at the new U.S. tariffs after Trump announced a new 34% tariff on goods from China, on top of an existing 20% levy.
And, Canada's PM Mark Carney says Canada will match Trump's 25% auto tariffs with a tariff on vehicles imported from the U.S., but Carney said Canada won't put tariffs on auto parts as Trump has done.
Declaring a national economic emergency, the president rolled out 10% tariffs on all imported goods and even higher duties on dozens of countries. The president promised that factory jobs, in the long run, will return to the U.S., but economists, investors, and consumers are wary about price hikes on everyday goods in the short term.
In addition to across-the-board tariffs, Trump also announced a 25% tax on auto imports. The tariffs went into effect at midnight on all cars and trucks being shipped to the U.S.
In his Rose Garden speech, the president complained that while the U.S. imports many foreign vehicles Japan, South Korea, and other nations have put up barriers to American-made automakers.
Car dealers say the 25% tariffs will likely result in sharply higher sticker prices.
In response, automaker Stellantis is temporarily halting production at a plant in Canada and a plant in Mexico. The move will result in the temporary layoff of 900 U.S. employees.
Stellantis, which owns car brands like Jeep, Citroën and Ram, will be temporarily pausing production at its Canada plant for for the weeks of April 7th and 14th. Operations will resume at the facility the week of April 21st.
The company will also be temporarily pausing production at its plant Mexico for the month of April, starting on April 7th.
Due to the production pause, there will be temporary layoffs at plants in Michigan and Indiana.
Countries and businesses around the world are reacting to trump's sweeping tariffs. The head of the European Union says the new U.S. tariffs are a "major blow to the world economy".
EU leaders say they will be preparing countermeasures.
Plus, Asian markets are already feeling the heat from Trump's tariffs.
Beijing is also vowed to hit back at the new U.S. tariffs after Trump announced a new 34% tariff on goods from China, on top of an existing 20% levy.
And, Canada's PM Mark Carney says Canada will match Trump's 25% auto tariffs with a tariff on vehicles imported from the U.S., but Carney said Canada won't put tariffs on auto parts as Trump has done.
