Trump's new wave of tariffs, briefly explained
Welcome to The Logoff: President Donald Trump is preparing to rev up his trade war again, even as he extends a pause on some tariffs until next month.
What just happened? Trump announced new tariff rates on multiple countries Monday in a slew of form letters, citing their 'unsustainable Trade Deficits' with the US. The tariffs — including on Japan, South Korea, Malaysia, and numerous others — would take effect August 1.
The White House also said that previously announced 'reciprocal' tariffs, which had been set to take effect this week, would be suspended until August 1.
What's the context? Trump announced draconian tariffs on many countries in April, only to pause them a week later after financial markets cratered. He left in place a 10 percent 'global tariff,' as well as tariffs on China (since reduced from their triple-digit highs).
Why is Trump doing this now? When Trump paused his tariffs in April, he said he would use the next 90 days to strike trade deals. But almost 90 days later, relatively few deals have been reached. Trump may now hope to force the issue with renewed threats of economic pain.
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Will any of these tariffs actually take effect? Trump's trade policy has been mercurial, to describe it generously, and it's even unclear how he's deciding on new tariff rates. Previously, a drastic dip in the markets managed to spook him into backing down, and the markets reacted negatively to his Monday announcement — but it's unclear what we should expect at this point.
There's also a pending court case over the legality of Trump's tariffs, which he has imposed using emergency authority, but don't expect a quick resolution there, as a ruling by the US Court of International Trade blocking the tariffs is currently on hold.
And with that, it's time to log off…
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