Live updates: Business leaders warn Trump tariffs will raise prices for US consumers
apnews.com
President Donald Trump's barrage of “reciprocal” tariffs shows a willingness to dismantle the global economic system. Business leaders warn the tariffs will increase costs for U.S. consumers.

Among the reciprocal tariff levels Trump announced:

China: 34%

European Union: 20%

South Korea: 25%

India: 26%

Vietnam: 46%

Taiwan: 32%

Japan: 24%

Thailand: 36%

Switzerland: 31%

Indonesia: 32%

Malaysia: 24%

Cambodia: 49%

United Kingdom: 10%

Rest of the world: 10%

  • NuXCOM_90Percent@lemmy.zipEnglish
    213·
    2 days ago

    It isn’t quite that easy.

    The US is a MASSIVE part of basically every luxury industry and isn’t insignificant in many others. So while alternate trading partners can be found to handle stuff like lumber, plenty of industries are going to be hit real hard and not have alternative customers. And they aren’t going to just want to lower their profits for national pride.

    But yeah. I REALLY hope trump is just actively destroying the US either in the name of putin or just out of anger and spite over not winning in 2020. Because the alternative is that we are all going to suffer so fucking much because that piece of shit doesn’t understand what tariffs are.

    • Renohren@lemmy.todayEnglish
      12·
      2 days ago

      Luxury goods are not really hit by tariffs nor taxes the same way more basic goods might be. A $ 4000 that goes to $ 4 500 is way more manageable for the kind of people who want to and can buy it (it may even make it more desirable for those who want and can’t buy it).