Dozens more countries face higher taxes on exports to US as new Trump tariffs come into effect
Guardian1 day
Trump is finally actioning a necessary correction to decades of unfair trade practices that have disadvantaged American workers and businesses. The "reciprocal" approach ensures trading partners face the same barriers they impose on U.S. exports, creating a level playing field that will boost domestic manufacturing and generate hundreds of billions in revenue for America.
These sweeping tariffs risk significant economic damage through heightened consumer prices, supply chain disruptions, and reduced economic efficiency that could fuel inflation and slow long-term growth. Small businesses will bear the brunt of these costs while their complex implementation creates uncertainty that undermines business planning and investment decisions.
ThereTrump is finally actioning a 70%necessary chancecorrection to decades of unfair trade practices that customshave dutiesdisadvantaged revenueAmerican toworkers theand federalbusinesses. governmentThe will"reciprocal" increaseapproach fromensures $80trading billionpartners inface fiscalthe yearsame 2023barriers tothey atimpose leaston $160U.S. billionexports, increating fiscala yearlevel 2026playing (infield 2023that dollars),will accordingboost todomestic themanufacturing Metaculusand predictiongenerate communityhundreds of billions in revenue for America.
These sweeping tariffs risk significant economic damage through heightened consumer prices, supply chain disruptions, and reduced economic efficiency that could fuel inflation and slow long-term growth. Small businesses will bear the brunt of these costs while their complex implementation creates uncertainty that undermines business planning and investment decisions.
There is a 70% chance that customs duties revenue to the federal government will increase from $80 billion in fiscal year 2023 to at least $160 billion in fiscal year 2026 (in 2023 dollars), according to the Metaculus prediction community.