U.S. President Donald Trump recently imposed a 25% tariff on all steel and aluminum imports. But what does this mean for American businesses and everyday consumers? 📉💰
According to Anthony Chan, former chief economist at JP Morgan Chase, the move is unlikely to significantly boost U.S. steel production. Instead, it could create uncertainty for businesses, complicating future planning and causing substantial damage. 🚫🏭
For everyday Americans, especially those in low- and middle-income households, the impact could be negative. \"The collateral damage is quite severe,\" Chan warns, highlighting the potential strain on household budgets and the broader economy. 🏠💸
Stay tuned as we continue to monitor the effects of these tariffs on the U.S. economy and everyday lives.
Reference(s):
How will Trump's tariffs game affect U.S. businesses and consumers?
cgtn.com
