U.S. President Donald Trump has slapped a hefty 25% tariff on all steel and aluminum imports 🛑. But what does this mean for businesses and everyday Americans?
According to Anthony Chan, former chief economist at JP Morgan Chase, the move is unlikely to give U.S. steel production the boost it aims for 📉. Instead, Chan warns that the tariffs will create a cloud of uncertainty for U.S. businesses, making future planning a nightmare and potentially causing significant damage 💥.
But it's not just businesses feeling the heat. Everyday Americans, especially those in low- and middle-income households, are set to bear the brunt of these tariffs 🏠💸. \"The collateral damage is quite severe,\" Chan explains.
In essence, while the tariffs aim to protect American industries, the ripple effects could lead to more challenges for both businesses and consumers alike.
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How will Trump's tariffs game affect U.S. businesses and consumers?
cgtn.com
