Hey everyone! In a bold twist in global trade, U.S. leader Donald Trump signed an executive order to roll out new "reciprocal tariffs" on key trading partners. He calls it a "declaration of economic independence," aiming to boost U.S. manufacturing and spark an economic revival. 🚀
A chart presented by Trump outlines varying tariff rates across the board. For instance, the Chinese mainland is set to face a 34% tariff, while the European Union sees 20%, Vietnam 46%, Japan 24%, India 26%, South Korea 25%, Thailand 36%, Switzerland 31%, Indonesia 32%, Malaysia 24%, and Cambodia a steep 49%.
However, experts are sounding the alarm. Professor Cui Fan from the University of International Business and Economics warned that America’s tariff obsession may "shoot itself in the foot," predicting that domestic prices will rise, adding more cost burdens to everyday citizens and companies alike. 🔥
This move, though meant to revive manufacturing, has critics comparing it to outdated protectionist strategies from over a century ago—like trying to run today’s apps on an old flip phone. With a rapidly evolving global market, many say the U.S. is gambling on an old playbook that might not fit modern challenges. 📱💡
As the story unfolds, keep watching this space for more insights on how these measures might reshape international trade and impact daily lives. Stay tuned!
Reference(s):
Experts: U.S. 'will shoot itself in the foot' due to tariff obsession
cgtn.com
