The News
The world is braced for wide-ranging US tariffs ahead of President Donald Trump’s “Liberation Day” announcement today.
Trump has promised levies on imports, but the details remain unclear: The European Union expects a flat double-digit tariff across all goods, though JP Morgan economists warned clients yesterday that “we don’t know what tomorrow brings.”
The duties are already reshaping global ties: Canada has said its “old relationship” with the US is “over,” Germany’s chancellor is seeking “independence from the USA,” while longtime rivals China, Japan, and South Korea have agreed to increase trade among themselves. The policies will likely also increase the cost of living for US consumers: “Tariffs only ‘work’ if they make prices higher,” one politics writer noted.