Donald Trump Unleashes Tariff Fury: What Unfolded This Week
What Happened This Week
On July 10, 2025, President Trump declared a national economic emergency to implement new tariffs without congressional approval. The policy includes a universal 10% tariff on all imports and higher rates on specific goods from countries like China, Mexico, and Brazil. For instance, a proposed 50% tariff on Brazilian products such as coffee and orange juice could significantly increase prices for US consumers.
Why This Matters
These tariffs are part of Trump's strategy to reduce the US trade deficit, bring back manufacturing jobs, and generate revenue to fund tax cuts. However, economists warn that such measures could lead to higher consumer prices, supply chain disruptions, and potential retaliation from trade partners. The European Union and China have already indicated plans to impose counter-tariffs on US goods.
Breaking Down Trump's Proposal
According to Reuters, Trump has proposed a sweeping trade plan that includes a universal 10% tariff on all imported goods. He also advocates for reciprocal tariffs, meaning the US would match or exceed tariffs imposed by other countries on American exports. Additionally, Trump is targeting specific materials like copper, proposing higher duties that could impact key industries such as automotive manufacturing and construction. These measures aim to protect U.S. businesses and reduce trade imbalances.
Impact on Consumers and Businesses
Will consumers pay more?
Yes. The American Action Forum estimates that a 10% tariff on all imports could increase household costs by $1,700 to $2,350 annually, according to NBC News.
Any fines on retailers and importers?
According Business Insider, While there are no direct fines, importers bear the cost of tariffs, which often leads to higher prices for consumers. Companies like Nike and Walmart have already indicated price increases due to these tariffs.
What are allies saying, and are they preparing countermeasures?
Yes. The European Union and China have expressed strong opposition and are preparing retaliatory tariffs on US goods, potentially escalating into a trade war. According to CNBC, As the situation develops, the global economic landscape faces increased uncertainty, with potential repercussions for international trade and domestic markets.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
24 minutes ago
- Time of India
Trump flirts with Ukraine security, with narrow margins
Donald Trump considers security promises for Ukraine. This follows criticism of Joe Biden's aid and a meeting with Vladimir Putin. Steve Witkoff suggests a US protection for Ukraine. European leaders unite to support Volodymyr Zelensky in talks with Trump. Some Republicans express concern over further involvement. Marjorie Taylor Greene cites domestic issues. Trump aims to portray himself as a peacemaker. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Vagueness on options Tired of too many ads? Remove Ads Pushback from base Donald Trump's newfound if vague willingness to entertain security guarantees for Ukraine could be a game-changer, but the US president's right-wing base is already warning him not to go too a campaign last year spent bashing predecessor Joe Biden over billions of dollars in aid to Ukraine, and Trump's public upbraiding of Ukrainian President Volodymyr Zelensky in February, Trump has considered promises to Kyiv to end the Russian has ruled out ground troops as well as NATO membership, siding with Russian leader Vladimir Putin in blaming Ukraine's aspirations for the Western alliance for the February 2022 after Trump welcomed Putin to Alaska on Friday, Trump's envoy Steve Witkoff said the Russian president had agreed to a "concession" of the United States offering "Article Five-like protection" for Ukraine, referring to NATO's binding promise that an attack on one is an attack on observers doubted Witkoff's understanding of Putin, noting that Moscow publicly has insisted on guarantees for Trump has said "we'll give them very good protection" and has spoken of providing US airpower to enforce any is known about what US airpower would entail, but it could support a deployment of European troops to Ukraine mulled by France and the United States agreed to enforce control of the Ukrainian skies, it would be an "incredible green light for greater ambition" by Europeans on security, said Kristine Berzina, a senior fellow at the German Marshall leaders showed striking unity and solidarity by coming together to Washington on Monday to back Zelensky in talks with Trump, she said."For there to be a meaningful difference on the ground in Ukraine, it can't just be diplomatic alignment. It can't just be the heads of state being in lockstep for a few days at a time," she said."Instead, they have to be ready to actually move and to show to Trump, 'We have everything ready; we just need x from you to make this work.'"Trump, however, could also authorize a much smaller air deployment, such as one focused on reconnaissance that would see limited numbers of US planes in the Ukrainian skies."President Trump said some things in his meetings with the European leaders and Zelensky and I am betting a huge sum of money that there are people around Trump who are going to spend a lot of time walking that back," said Debra Cagan, a former senior US policymaker now at the Atlantic Council."What I mean by that is that they're going to try a very de minimis approach to security guarantees, to do as little as possible to carry that out," she said that any successful strategy needed to have components on land and air as well as sea, including keeping the crucial Black Sea ports open for retains a strong hold on the Republican Party, but has already seen some dissent within his hard-right base, which backed him in part for his dismissive attitude to foreign Representative Marjorie Taylor Greene, who earlier criticized Trump for bombing Iran, said she believed voters would be "appalled" by more support for Ukraine as they struggle with day-to-day concerns."America is broke," she told conservative host Megyn Kelly. "At some point we have to start saying no to the rest of the world."Trump-aligned Senator Tommy Tuberville said it would be an "impossible sell" to voters still shaken by the Iraq and Afghanistan wars to start another long-term US military commitment, according to The Hill however, has tried hard to portray the war as belonging to Biden and has spoken openly of his desire for the Nobel Peace Prize."He could probably sell to his base that this is about America keeping peace and not about America making war," Berzina said.
The Hindu
24 minutes ago
- The Hindu
Vance says Europe will have to take 'lion's share' of burden for Ukrainian security
U.S. Vice President J.D. Vance said on Wednesday (August 21, 2025) that European countries will have to pay the "lion's share" of costs for Ukraine's security guarantees. U.S. President Donald Trump wants to strike a peace deal to end Russia's three and a half year-old war in Ukraine. One of Ukraine's priorities is security guarantees against Russian aggression. Mr. Trump has said he will not put U.S. troops on the ground there but could offer U.S. air support. European countries have formed a "coalition of the willing" that would commit forces to guarantee Ukraine's security. With Mr. Trump testy about billions of dollars in U.S. military aid to Ukraine so far, the White House has said Washington will not continue "writing blank checks" to fund Kyiv's defense. Mr. Trump wants to shift more responsibility for the costs to European allies. "I don't think we should carry the burden here.... The president certainly expects Europe to play the leading role here," Mr. Vance told Fox News' "The Ingraham Angle" show. "No matter what form this takes, the Europeans are going to have to take the lion's share of the burden. It's their continent, its their security, and the president has been very clear - they are going to have to step up here." Mr. Vance said Russia wants some Ukrainian territory, "most of which they have occupied but some of which they haven't." Russia occupies around a fifth of Ukraine, and Trump has said "land-swapping" and changes to territory will be crucial for any settlement. Ukraine opposes conceding any territory, a position President Volodymyr Zelenskiy has said is enshrined in the country's constitution. But Kyiv currently lacks the military capacity to retake all Russian-held areas and has limited diplomatic leverage to force a withdrawal in the short term.
&w=3840&q=100)
Business Standard
24 minutes ago
- Business Standard
Musk to face lawsuit for defrauding voters over 2024 election sweepstakes
Elon Musk must face allegations that he defrauded voters when he promised them a chance to win $1 million for signing a petition in the days before the 2024 presidential election. A federal judge said Wednesday a woman from Arizona can proceed with her claims that she never would have signed Musk's America PAC petition and handed over personal identifying information if she knew she had no chance of winning. She said she believed, based on statements by Musk, that the winners would be picked at random. In fact, they were carefully selected to be spokespeople for Musk's pro-Donald Trump political action committee. US District Judge Robert Pitman in Austin, Texas, didn't rule on the merits of Jacqueline McAferty's proposed class-action case, but found that she plausibly alleged she didn't get 'what she bargained for — a random chance to win $1 million.' The district attorney in Philadelphia sued Musk and the PAC about a week before the November election to shut down the sweepstakes as an 'unlawful lottery,' but a judge denied the DA's request to halt the contest. Musk's representatives revealed at the time that the PAC picked registered voters from swing states to be public spokespeople for the committee, often based on their personal stories, and required them to sign employment contracts. In addition to seeking damages for fraud, McAferty can also pursue a breach of contract claim, Pitman said. The judge dismissed her claim under the Texas Deceptive Trade Practices Act. Lawyers for Musk didn't immediately respond outside regular business hours to requests for comment. Musk spent hundreds of millions of dollars to elect Trump and Republicans in 2024, and when Trump defeated Kamala Harris in the election, he turned to Musk, the world's richest person, to lead an effort to slash the size and scope of government.
