Summary
Global leaders criticized Trump’s new tariffs, which range from 10% to 49%, warning of trade wars and economic fallout.
The UK and Italy urged negotiation, while Brazil passed a reciprocity bill. China and South Korea vowed countermeasures.
Australia and New Zealand rejected Trump’s logic, citing existing trade deals and low tariffs. Norfolk Island was baffled by a 29% duty despite having no exports.
Financial markets dropped, oil and bitcoin sank, and leaders warned of inflation. Analysts say Trump risks fracturing global trade with little to gain economically.
I’m dumb but that just means that every product will be 30% more expensive for Americans, right? And the 30% is just… Going to the state or something? So it’s just taxing your ppl?
Companies will raise prices to account for what they’re losing on the tariffs.
Effectively, yes. Tariffs are basically just a sales tax. It’s a little more complicated than that but the end result for consumers isn’t really any different.
So, the tariffs make things more expensive for US citizens?
Yes. Its like sales taxes are going up. Unless something is assembled in the US from parts produced in the US there is now a big increase in taxes that must be paid. Most things people buy in the US will now be taxed significantly and thus cost significantly more.