Latest news with #Astrohaus
Mint
25-05-2025
- Business
- Mint
The 90-day rush to get goods out of China
Adam Leeb is rushing to ship $700,000 of electronic typewriters from China while the trade truce holds. After forking out $23,000 for tariffs in March when President Trump hit Chinese goods with a new 20% levy, Leeb, a Detroit-based business owner, decided to pause shipments altogether when the administration then pushed tariffs to an eye-watering 145%. Now that a 90-day truce agreed between Washington and Beijing this month has brought that down to 30%, Leeb's company, Astrohaus, which makes typewriters, keyboards and other tools for writers, is taking the opportunity to restock. 'I'm assuming this is probably the best-case scenario for a while,' Leeb said. Sky-high tariffs pummeled U.S.-China trade and now the cease-fire is causing a snapback. Firms across the U.S. are racing to rebook canceled orders and find space on containerships to get products out of China and bring them stateside before the 90-day window closes in August. In the week beginning May 12, when the trade truce was announced, bookings for containers to the U.S. from China more than doubled compared with the week before as the tariff rollback unleashed a wave of pent-up demand. Bookings surged to the equivalent of around 2.2 million 20-foot boxes, a level not seen in more than a year, according to data from Vizion, a container-tracking software company, and data provider Dun & Bradstreet. Executives, logistics specialists and analysts are cautious about how big the rebound will get. They say there is still too much uncertainty over tariff policy and the health of the U.S.'s consumer-driven economy to fuel a splurge in new orders. Gene Seroka, executive director of the Port of Los Angeles, said earlier this month that he doesn't anticipate a big surge in imports after the rollback. Vizion's data show container bookings last week fell back to the equivalent of around 1.4 million 20-foot containers. Nonetheless, many Chinese manufacturers are welcoming any bump in activity after the high tariffs froze orders and halted production. Lisa Wang, a salesperson at a textile manufacturer in China's Zhejiang province, said the 90-day tariff pause has been a huge help to her company. The company has been able to ship out about a dozen containers of previously delayed orders, mostly mattress protectors and pillows. Clients are also placing some new orders. 'Because we don't know what the policy will be like after 90 days, we are rushing to ship what we can now,' she said. Shipping executives in Asia say one headache for importers is there aren't enough ships available to move goods to the U.S. right away. Carriers diverted some of the vessels that would usually ship goods to the U.S. West Coast from China to other busy routes when tariffs slammed U.S.-China trade. Some carriers replaced their biggest containerships with smaller vessels, while others canceled some scheduled sailings altogether, shipping executives say. Now, freight rates are picking up as importers compete for scarce space as carriers rush to bring ships back. The Shanghai Shipping Exchange's index of container prices to ship goods from Shanghai jumped 10% in the week beginning May 12, compared with the week before. 'The next 90 days will be quite chaotic,' said a senior logistics executive in Asia, who said it would take weeks to return rerouted vessels. But for many industries, 90 days just isn't long enough to get products ordered, manufactured and shipped across the Pacific. Vincent Ambrose, chief commercial officer of FranklinWH Energy Storage, which makes home energy-storage systems in California and Shenzhen, China, said the 90-day reprieve on tariffs isn't long enough to rush in extra stock, as manufacturing and delivery typically takes about 12 weeks. Even if he could, he said he can't compete with the likes of Amazon, Apple and Walmart for scarce space on U.S.-bound containerships. 'There's really no opportunity to rush a bunch of products here,' he said. Industry executives also say that a 30% tariff is still high enough to pinch trade, albeit not as severely as a 145% levy. Some products from China are subject to tariffs higher than the baseline 30% because of prior duties, making other countries more attractive for manufacturing still. 'Yes, there is a reprieve. Does that suddenly result in masses of volume? I honestly doubt it,' said Niels Rasmussen, chief shipping analyst at BIMCO, an international shipping association. Godfrey Chan, who started his business as a paper-goods manufacturer in China more than 30 years ago before opening a factory in northern Vietnam in 2023, said the trade truce hasn't sparked a rush back to China. Tariffs on the products he makes—which include paper bags with flowers, hearts and colorful designs for Christmas and birthdays—would total 55% if they were produced in China, compared with 10% currently on Vietnamese goods. His Vietnamese factory, Max Fortune VN Paper Products, has been slammed with orders from customers hoping to get products as soon as possible, while tariffs on Vietnamese goods are much lower than those on Chinese imports. 'You can easily see the difference,' Chan said. Earlier this year, the Trump administration placed tariffs of 46% on Vietnamese imports, but suspended them for 90 days, pending trade talks. Leeb, the typewriter maker, is keeping another order with his Chinese manufacturers on hold that was previously scheduled for production in August. He is worried about buying too much inventory and running short on cash if tariffs return to higher levels after the pause ends. He tried to negotiate lower prices with his Chinese manufacturers to reduce the burden of tariffs, but didn't manage to get price cuts because the factories are operating on low profit margins. Astrohaus has already raised prices up to 10% on certain products to deal with the tariff increase and is giving priority to presale orders. Leeb recently toured factories in Vietnam and Indonesia to explore moving some production outside of China for the first time. 'I have to take it seriously now,' he said. Write to Hannah Miao at and Jason Douglas at
CNN
03-04-2025
- Business
- CNN
Live updates: Trump announces sweeping new tariffs on imports on ‘Liberation Day'
Update: Date: Title: What world leaders are saying about Trump's sweeping tariffs announcement Content: President Donald Trump has announced sweeping tariffs of at least 10% on most goods coming into the US. Here's how countries are responding. This post was updated with more reaction from international leaders. Update: Date: Title: Small businesses will be 'bearing brunt' of tariff storm, CEO tells CNN Content: Small businesses in the US will be 'bearing the brunt' of constantly changing tariff policies that are forcing them to raise prices for consumers, a CEO told CNN. Adam Leeb, co-Founder of Astrohaus, which designs smart typewriters, said he and other small firms had been facing a whiplash of 'policies that are changing day by day,' despite their operation requiring them to plan up to 18 months ahead. He also said some of the tariffs the Trump administration had introduced had nothing to do with trade deficits but about combatting fentanyl trafficking and illegal immigration. 'There's just so many different factors here, and it's a lot of changes all at once,' Leeb said. 'Unfortunately, we're just going to be bearing the brunt of this storm here.' The CEO also said small businesses operated in competitive markets and would have to raise prices due to the costs incurred. 'There's really no way around it,' he said, adding that both consumers and businesses were 'in for some tough times' ahead. Update: Date: Title: Trump's tariff expected to cost $5,000 per American household per year, economist says Content: The US tariffs unveiled on 'Liberation Day' are expected to cost each American household $5,000 per year, dealing a huge blow to working and middle-class families, an economist told CNN. Economics professor Justin Wolfers from the University of Michigan said the cost of living is also expected to go up by 6% as businesses pass extra costs incurred onto consumers. 'That's going to turn up in prices pretty much as soon as tomorrow,' he said. 'It's one that will particularly hurt working and middle-class Americans. And so we are going to see pain starting very soon,' the professor added. Overseas, Wolfers said poor countries — such as Papua New Guinea and Fiji — would suffer from 'damaging effects,' Wolfers said, calling Trump's tariffs 'evil.' 'The idea that they are any threat to Americans is just absurd,' he said. Rich economies, meanwhile, appear to be banding together to retaliate, leaving the US alone. 'All that President trump has managed to do is isolate Americans from the rest of the global economy,' he said. He also said it would be 'nonsense' to suggest Trump's tariffs are reciprocal in nature given most industrialized economies impose low tariffs. 'This plan will make the United States by far the most tariff-heavy, industrialized nation in the world,' he said. Update: Date: Title: Trump's tariffs target some of the world's poorest and most vulnerable countries Content: Some of US President Donald Trump's most punishing tariffs will target the world's poorest and most vulnerable countries, including those in the throes of deadly civil wars and emerging from suffocating economic crises. Five countries singled out by the US for tariffs above the 10% minimum — the Democratic Republic of the Congo (11%), Madagascar (47%), Mozambique (16%), Malawi (18%) and Syria (41%) — are among the world's 26 poorest economies. Collectively, these economies are responsible for just 0.5% of global output and income but are home to nearly 40% of the world's poor, according to the World Bank. In Madagascar, an island of about 25 million people off the coast of Southern Africa, more than 80% of the population lives in extreme poverty and survives on less than $2.15 per day. Its exports to the US, its second-largest export market, totaled almost $800 million in 2024, consisting of mainly vanilla, apparel, titanium and cobalt. Venezuela (15%), which also suffered from an economic collapse and humanitarian disaster, relies on the US as its biggest trading partner. The US imported $6 billion worth of goods from the South American country in 2024. Among other countries singled out with the highest tariff rates is Myanmar (44%), a Southeast Asian nation recently hit by a massive earthquake that has killed more than 3,000 people. The country has also been embroiled in civil war for four years. Sparked by a military coup, the fighting has seen junta forces battle rebel groups across the country. Update: Date: Title: Trump's tariffs aim to break down other countries' trade barriers, conservative think tank says Content: The Trump administration is using tariffs as a tool to dismantle levies imposed by other countries and create 'truly free and open global trade,' a director with The Heritage Foundation, a conservative think tank, told CNN. Richard Stern, director of Grover M. Hermann Center for the Federal Budget at The Heritage Foundation, said other countries have deployed trade barriers, subsidized their products and committed intellectual property theft. 'What Trump is talking about here is using these tariffs not as tariffs themselves, but as a negotiating tool of statecraft to break down these barriers and actually get to truly free and open global trade,' he told CNN. 'That's the goal.' Some context: The Heritage Foundation is a leading conservative think tank with long roots in Washington and had a major role in organizing Project 2025, the conservative blueprint for US President Donald Trump's second term in office. Leading economists have told CNN they feared the tariffs could lead to a global recession if they aren't quickly pulled back. Update: Date: Title: Here's why US tariffs will slam South Asian countries Content: President Donald Trump's historic tariff announcement will have a lasting impact on South Asia, where the US is a top export destination for many countries in the region, analysts say. The region – which includes the world's most populous country, India, as well as Pakistan, Bangladesh and Sri Lanka – is 'dealing with varying levels of economic stress,' he said. 'There's a lot of vulnerability, and the tariffs will hit hard,' said Michael Kugelman, South Asia Institute Director at The Wilson Center, a US-based think tank. Trump imposed the highest tariffs in the region on Sri Lanka, at 44%. The island nation is still recovering from an economic crisis that contributed to the toppling of its government. It is now dependent on a bailout from the International Monetary Fund (IMF). Bangladesh, which has a major garment industry, is also expected to grapple with economic pressure after Trump placed 37% tariffs on imports from there. The US has historically been a top destination for Bangladesh's garment exports. Trump's announcement could reduce the competitiveness of the industry, affecting jobs in the sector. 'Both Bangladesh and Sri Lanka would be severely impacted as access to the US, their largest export market, would be restricted,' according to Biswajit Dhar, a distinguished professor at the Council for Social Development in New Delhi. India was slapped with some of the highest tariff rates for a major US trading partner, but at 26%, was not hit as its Asian peers. New Delhi 'made many earlier concessions to Washington to try to shield itself, but it didn't work,' said Kugelman. Its 'saving grace' now is a bilateral trade deal it's negotiating with the US, he added. 'The stakes of these talks are high, as a deal would reduce tariffs on both sides and bring India some relief.' Praveen Khandelwal, a politician from India's ruling party and head of the Confederation of All India Traders, said the government would 'talk to the Trump administration about how to ensure a minimal impact on the trade between America and India.' Update: Date: Title: Trump's tariffs will hurt Americans who love Australian beef, economist says Content: The 10% tariffs that President Donald Trump slapped on Australia will hurt Americans who love beef from its Pacific ally, an economist told CNN. Richard Denniss, executive director of The Australia Institute, explained that Australia doesn't export a large amount of beef to the US and would likely divert exports to other countries that impose lower tariffs. 'I think this is a much bigger day for Americans who eat hamburgers than it is for Australia's economy,' he told CNN. 'If they now want to pay more for it… That's a 'them' problem, not an Australia problem.' But he warned of the tariffs' implications on the close ties between allies, saying that the US has essentially 'ripped up' a free-trade agreement with Australia. 'The US has just shown itself to be an unreliable partner,' he said. Update: Date: Title: Trump using US consumer market as gambling chip in 'high-stakes game,' CNN analyst says Content: An analyst has likened President Donald Trump's tariffs to gambling on 'a global poker playing table,' warning of shaky times to come. 'He is using the US consumer market as this enormous chip on the global poker playing table of the economy,' Rana Foroohar, CNN's global economic analyst, said. 'It is a high-stakes game,' she told CNN's John Vause, adding that it would rock markets. Foroohar said the move would win the president support from auto workers back home —but hit allies. Europe is going to come back with a 'strong response,' she predicted, while reactions in developing markets may vary, she said, depending on how much they lean on the US for economic security. The analyst also differentiated Trump's tariffs during his first administration from the present one, saying previously the taxes were targeted, focusing primarily on China. 'This is very different. This is Trump saying I am going to overturn the Bretton Woods system. I am going to overturn globalization as we've known it,' she said, referring to a 1944 agreement that laid the foundations of the post-World War II economic order. 'I think it will certainly be the defining moment of his presidency. I'm hoping it doesn't push the US and the world into recession,' she added. Update: Date: Title: Taiwan calls Trump's 32% tariff "highly unreasonable and regrettable" Content: President Donald Trump's tariffs are 'highly unreasonable and regrettable,' Taiwan's cabinet said, as it vowed to lodge solemn representations with the United States. Taiwan, a major exporting economy and electronics manufacturer, was slapped with 32% tariffs by the Trump administration. But its vital semiconductor industry was exempted. Some context: Home to the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co (TSMC), the island is a key link in the global technology supply chain for companies such as Apple and Nvidia. The calculation of the tariff rate 'lacks scientific basis' and fails to reflect the highly complementary trade relationships between the two sides, Taiwan's cabinet – the Executive Yuan – said. Taiwan's trade surplus with the United States has grown in recent years, in part due to rising demand from US companies for AI-related and information products. 'This reflects Taiwan's huge contribution to the US economy and national security, but it was used as a reason to subject Taiwan to high tariffs,' the cabinet said. 'The tariffs do not reflect the actual economic and trade situation between Taiwan and the United States, and it is unfair to Taiwan.' Taiwan's cabinet has instructed the Office of Trade Negotiations to demand an explanation from the US Trade Representative, adding it will continue to engage with US officials to safeguard Taiwan's interests. Update: Date: Title: South Korea faces dual crisis: Political uncertainty and US tariffs, analyst says Content: The imposition of US tariffs on South Korea will be particularly difficult for Seoul to manage effectively while the country is going through unprecedented political turmoil, says Park Sang-in, a professor of economics at Seoul National University. On Friday, the country's top court will decide whether to uphold the impeachment of President Yoon Suk Yeol – who faces charges of instigating an insurrection following his short-lived martial law order last December – or reinstate him to office. 'If the Constitutional Court upholds the impeachment decision, South Korea will immediately enter a presidential election phase, making it even more challenging to respond to the tariff issue,' Park said. There is no doubt that the tariffs are bad for South Korea's economy, Park told CNN on Thursday, just hours after Trump announced 25% tariffs on US imports from South Korea, a longtime US ally. 'It seems that heavier tariffs have been imposed on countries highly dependent on US trade and less likely to retaliate strongly,' he said. Some background: South Korea and the US have a free trade agreement, also known as the Korea Free Trade Agreement (KORUS), in place, but the Trump administration has imposed tariffs on South Korea differently from other free trade partners, such as Canada and Mexico. Park said Seoul should push back strongly on US tariffs, enhance regional cooperation and diversify its trade partnerships. 'In recent years, South Korea's reliance on the US has increased, and the country may need to actively explore ways to expand trade with China and other Northeast Asian economies, as well as with ASEAN, Australia, and the EU,' he said. Update: Date: Title: Europe prepares countermeasures to Trump's tariffs, calling them a "major blow to the world economy" Content: The European Union is preparing countermeasures to US President Donald Trump's announcement of 20% tariffs on imports from the bloc, which it called a 'major blow to the world economy.' The EU is a major US trading partner. Last year, it was the largest single market for US goods exports, ahead of America's neighbors Canada and Mexico, based on figures from the United States Census Bureau. 'President Trump's announcement of universal tariffs on the whole world including the European Union is a major blow to the world economy. I deeply regret this choice,' Ursula von der Leyen, head of the European Union's executive arm, said Thursday, adding the tariffs would be felt 'immediately.' Trump on Wednesday launched a historic global trade war, announcing sweeping global tariffs on dozens of nations, from Nicaragua to Cambodia. The tariffs come on top of previously imposed taxes on imports of steel, aluminum and cars. 'Let's be clear-eyed about the immense consequences. The global economy will massively suffer. Uncertainty will spiral and trigger the rise of further protectionism,' von der Leyen said from Samarkand, Uzbekistan. While the European Union would prefer to work with the US to reduce trade barriers, 'Europe is ready to respond,' she said. 'We are already finalizing the first package of countermeasures in response to tariffs on steel, and we are now preparing for further countermeasures to protect our interests and our businesses if negotiations fail.' Update: Date: Title: Japan calls Trump tariffs 'extremely regrettable' but holds off on any immediate retaliation Content: Japan, a US treaty ally and key trading partner, has described President Donald Trump's tariffs as 'extremely regrettable' but did not announce any immediate retaliation or countermeasures. 'We have again informed the US government that this action is extremely regrettable and have strongly requested that it review its measures,' Japan's Chief Cabinet Secretary Yoshimasa Hayashi told reporters. Hayashi said Japan was examining whether the decision to impose 24% tariffs on Japanese exports breaches World Trade Organization rules and the Japan-US Trade Agreement, which was signed with the first Trump administration in 2019. Trade minister Yoji Muto told reporters that Trump's levies 'would weaken the capacity of Japanese companies to invest in the US, having a negative impact on the US economy as well.' Japan's benchmark Nikkei 225 index tumbled nearly 4% at the open Thursday, reaching an eight-month low. Limited options: Japan generally eschews direct confrontation diplomacy and had been lobbying hard behind the scenes with the Trump administration. Analysts say Tokyo's hands are somewhat tied by how reliant it is on US security guarantees in a tricky neighborhood. 'I think the biggest limitation Japan faces is that it's next to China and North Korea, and it relies on America immensely for its security,' Jeffrey Hall, lecturer at the Kanda University of International Studies, told CNN. Lodging a complaint to WTO could avoid direct confrontations. 'But directly taking on America is off the table for Japanese leaders from a realistic perspective,' Hall said. Update: Date: Title: New Zealand prime minister says trade war is not good for global economics Content: New Zealand Prime Minster Christopher Luxon has said the tariffs announced by the US are 'not good for global economics.' New Zealand is among a group of nations that will face a baseline 10% tariff. 'Let's be clear tariffs, and a trade war, is not good for global economics,' said Luxon. 'There are about $900 million dollars [US$516m] being leveled at New Zealand exports and that will be passed on to US consumers sadly. And that's why tariffs are not the way to go because it ends up driving higher prices for US consumers, higher inflation, slows down growth and a result that puts real pressure in across the world.' Foreign Minister Winston Peters cut a more optimistic figure within New Zealand's cabinet, arguing the US announcement was cause for 'celebration,' because other countries have it worse. New Zealand has ruled out imposing reciprocal tariffs on the US. But Wellington is disputing the US claim that New Zealand imposed 20% tariffs on US goods, a figure that appeared in a list presented by US President Donald Trump as he announced the tariffs. McClay said the figure is closer to 17%. ANZ Chief Economist Sharon Zollner told CNN the tariffs alone would not be a game-changer for New Zealand exporters, but there could be indirect impacts. 'The US takes less than 12% of our goods exports by value, with beef and wine the most exposed. While it will undoubtedly be significant for some firms, at a macro level it isn't a game-changer for the New Zealand economy,' said Zollner. 'Indirect impacts - e.g. on China's economy, the broader global economy, and/or on our currency - are likely to be more important.' Update: Date: Title: Asian markets fall while gold surges to fresh record following Trump's tariff announcement Content: Asian markets tumbled Thursday as investors reacted to US President Donald Trump's announcement of sweeping global tariffs, which included hefty tariffs targeting many Asian countries. Meanwhile, gold hit a new record high just above $3,160 an ounce according to Reuters, as investors rushed to the precious metal, traditionally seen as a safer financial bet. Japan's benchmark Nikkei 225 index tumbled nearly 4% at the open Thursday, reaching at eight-month low, as the country braced for 24% tariffs on exports to the US. Hong Kong's benchmark Hang Seng Index was down about 1.15% Thursday morning after the US announced a new 34% tariff on China, bringing the total US tax on Chinese goods to a whopping 54%. South Korea's Kospi stock market index was last trading about 1% lower after falling 3% at the open. Its imports to the US will face a 25% levy. Australia's ASX 200 dropped 142 points, or 1.79% when it opened Thursday after Trump's decision to impose a 10% tariff on the country's exports. Markets in Taiwan were closed Thursday. Vietnam's benchmark VN Index fell more than 5% in early trade, according to Bloomberg News. The gauge is poised to erase its year-to-date gains. Update: Date: Title: Analysis: This is the dubious way Trump appears to have calculated his "reciprocal" tariffs Content: President Donald Trump's massive tariffs announced on dozens of nations Wednesday were pitched as 'reciprocal,' matching what other countries charge the United States dollar for dollar, even taking into account non-tariff barriers like value-added taxes and other such measures. But the actual calculation the Trump administration seems to have used appears as though it is not reciprocal at all. Matching countries' tariffs dollar for dollar is an incredibly difficult task, involving pouring over each country's tariff schedule and matching a complex array of products, each of which take different charges for different variants. Instead, the Trump administration seems to have used quite a simple calculation: the country's trade deficit divided by its exports to the United States times 1/2. That's it. The calculation was first suggested by journalist James Surowiecki in a post on X and backed up by Wall Street analysts. For example, America's trade deficit with China in 2024 was $295.4 billion, and the United States imported $439.9 billion worth of Chinese goods. That means China's trade surplus with the United States was 67% of the value of its exports — a value the Trump administration labeled as 'tariff charged to USA.' But it was no such thing. 'While these new tariff measures have been framed as 'reciprocal' tariffs, it turns out the policy is actually one of surplus targeting,' noted Mike O'Rourke, chief marketing strategist at Jones Trading in a note to investors Wednesday.'There does not appear to have been any tariffs used in the calculation of the rate. The Trump administration is specifically targeting nations with large trade surpluses with the United States relative to their exports to the United States,' he added. The simple calculation used by the Trump administration could have broad implications for countries America depends on for goods — and the global companies that supply them. 'Knowing how these rates were calculated highlights that they are generally going to be most severe on the nations that US companies rely heavily upon in their supply chain,' O'Rourke said. 'It is hard to imagine how these tariffs would not wreak havoc upon the profit margins of major multinational corporations.' Update: Date: Title: Middle class car buyers 'can't afford that kind of bump,' Pennsylvania dealership owner says of Trump tariffs Content: An expected hike in vehicle prices would hit American consumers so fast and hard that even better-off clients would not be able to keep up with the spike, a Pennsylvania car dealership owner told CNN. President Donald Trump said the US would impose 25% tariff on all foreign automobiles in what he called 'horrendous imbalances' that have impacted the country's 'industrial base' and put national security at risk. It's Trump's move to bring more auto manufacturing back to America, but local car dealers are warning against a price hike. The tariff announcement has also caused unease among allies who export cars to the US, including Japan and South Korea. David Kelleher, president of David Auto Group, said a $30,000 car may become $37,500, meaning that his clients could be asked to fork out $175 more per month. 'Our customers … are middle class people. They just can't afford that kind of bump,' Kelleher said. Correction: This post has been updated to correct Kelleher's quoted figures Update: Date: Title: Trump's tariffs will probably plunge the global economy into recession this year, JPMorgan analysts says Content: If President Donald Trump maintains the massive tariffs he announced today, his unprecedented trade policies will probably cause both the US and global economies to fall into a recession in 2025, JPMorgan analysts said in a note to investors. That's not exactly a shock: Prior to Trump's universal and reciprocal tariff announcements today, JPMorgan analysts gave the US economy a 40% shot of entering a recession. JPMorgan noted that the tariffs would hike taxes on Americans by $660 billion a year, the largest tax increase in recent memory by a longshot. It will cause prices to surge, too, adding 2% to the Consumer Price Index, a measure of US inflation that has struggled to come back down to earth in recent years. 'The impact on inflation will be substantial,' the analysts said. 'We view the full implementation of these policies as a substantial macro economic shock.' The shock will be exacerbated by plunging consumer and business sentiment and by any retaliation visited upon America as foreign countries potentially impose new tariffs on the United States. 'We thus emphasize that these policies, if sustained, would likely push the US and global economy into recession this year,' the analysts said. Update: Date: Title: New Zealand foreign minister is "delighted" tariffs were imposed at the lowest rate Content: New Zealand's Foreign Minister Winston Peters said the US imposition of tariffs on New Zealand exports was cause for 'celebration,' because other countries have it worse, reported CNN affiliate RNZ. New Zealand is among a group of nations that will face the baseline 10% tariff, which will come into effect on Saturday. 'I'm delighted today that that is the outcome,' said Peters. 'Many of our exporters need to know that they've got a 15 percent-plus advantage over their competitors in the United States, and we'll turn this around real fast if they take it positively,' RNZ reported Peters as saying. Trade Minister Todd McClay ruled out imposing reciprocal tariffs on the US earlier on Thursday. 'Tariff rates in themselves push up prices and are not good for trade,' McClay said in a news conference. But Wellington is disputing the US claim that New Zealand imposed 20% tariffs on US goods, a figure that appeared in a list presented by US President Donald Trump as he announced the tariffs on Thursday. McClay said the figure is closer to 17%, if local sales tax is included. Peters labeled the US calculations a mistake, but said it was 'immaterial,' reported RNZ. ANZ Chief Economist Sharon Zollner told CNN the tariffs alone would not be a game-changer for New Zealand exporters, but there could be indirect impacts. 'The US takes less than 12% of our goods exports by value, with beef and wine the most exposed. While it will undoubtedly be significant for some firms, at a macro level it isn't a game-changer for the New Zealand economy,' said Zollner. 'Indirect impacts — e.g. on China's economy, the broader global economy, and/or on our currency — are likely to be more important than the direct impacts.' New Zealand's key indices, the NZX50, had been trading around 1% down on Thursday. Update: Date: Title: China says it will take countermeasures "to safeguard its own rights and interests" Content: Beijing will take countermeasures against the US after President Donald Trump announced steep tariffs on Chinese imports, a Commerce Ministry spokesperson said Thursday local time. Trump unveiled 54% tariffs on all Chinese imports into the United States Wednesday as part of his sweeping 'Liberation Day' reset of American trade global policy. 'China has noted that on April 2, Eastern Time, the United States announced that it would impose 'reciprocal tariffs' on all trading partners. China firmly opposes this and will resolutely take countermeasures to safeguard its own rights and interests,' the spokesperson said. The spokesperson said the tariffs disregard 'the balance of interests achieved in multilateral trade negotiations over the years and the fact that the United States has long benefited greatly from international trade.' The spokesperson repeated China's view that 'there are no winners in a trade war' and said the US move 'is a typical unilateral bullying practice.' 'China urges the United States to immediately cancel its unilateral tariff measures and properly resolve differences with its trading partners through equal dialogue,' the spokesperson said. Update: Date: Title: South Korea's acting president orders government to "exert all its capabilities to overcome the trade crisis" Content: South Korea's acting President Han Duck-soo ordered the government to 'exert all its capabilities to overcome the trade crisis' at an emergency meeting Thursday local time, describing the situation as 'extremely serious.' US President Donald Trump today announced a 25% reciprocal tariff on imports from South Korea, a longtime US security ally. Han directed the country's trade minister to 'thoroughly analyze the details and impact of the tariffs announced today and actively engage in negotiations with the US to minimize damages.' He also instructed the government to swiftly prepare emergency support measures for industries and companies expected to be affected by the tariff announcement. Trump's announcement comes after a 25% tariff on steel products was imposed last month. South Korea is the fourth-largest exporter of steel to the US. Its Kospi stock market index was down about 1.5% Thursday after falling 3% at the open. Some context: Trump's tariffs could not come at a worse time for South Korea, which is in the middle of a monthslong domestic political crisis. On Friday, the country's top court will decide whether to uphold the impeachment of Han's predecessor Yoon Suk Yeol, who is facing charges of instigating an insurrection after his short-lived martial law order last year, or return him to office. Update: Date: Title: US Treasury Secretary hopes Trump's tariffs are like a "shrinking ice cube" Content: Treasury Secretary Scott Bessent said the most effective tariff policy is akin to a 'shrinking ice cube,' acknowledging that tariffs cannot both raise revenue and help restore American manufacturing at the same time. Bessent argued that tariffs have had multiple uses — to raise revenue, bolster US industry, and secure national interests and priorities. But when pressed by CNN's Kaitlan Collins about the possibility that tariff revenue will dwindle over time if steep levies on foreign goods encourage Americans to buy US-made products, Bessent said that may be part of the point. 'That's why in the past I called tariff policy done properly, is a shrinking ice cube,' he said today. 'We will start out with high, high tariff income but then as the factories come to the US, we will have more business income and we'll have more paycheck income.' But he suggested the US would win out either way. 'It's a rebalancing — so we rebalance away from tariffs to more domestic income.' Update: Date: Title: "I'd buckle up and brace for impact,' says economist who warns tariffs could spark recession if they stick Content: Some economists worry that President Donald Trump's latest round of tariffs could push the US economy into recession if they aren't quickly pulled back. 'If the administration follows through on these higher tariffs without significant carve-outs, it's going to be very difficult for the economy to digest this. A recession seems more likely than not,' Mark Zandi, chief economist at Moody's Analytics, told CNN in a phone interview tonight. Zandi said that in many ways, the tariffs announced by Trump are worse than even his worst-case scenario. 'If they follow through, I'd buckle up and brace for impact,' Zandi said. Zandi added that the tariffs account for nearly 2% of GDP on a static basis (not accounting for the impact of the tariffs on the economy and tax revenue). On that basis, Zandi said that makes the tariffs the largest tax increases since the tax increases during World War II that were used to fund that war. Kimberly Clausing, nonresident senior fellow at the Peterson Institute for International Economics, described Wednesday's tariff announcement as 'very wrongheaded and much worse than I expected.' 'I thought it would be bad, but not this degree of self-harm. It's just astounding that anyone would think this is a good idea,' Clausing, a former Biden official, told CNN. 'I'll be stunned if we make it through this without a recession or a complete reversal by the president.' Others are hopeful the US economy will avoid a downturn if trade tensions ease. 'The speed with which tariffs can be removed also bolsters the case for thinking that a slowdown, rather than a recession, lies ahead,' Samuel Tombs, chief US economist at Pantheon Macroeconomics, wrote in a note. Update: Date: Title: Japan's Nikkei 225 tumbles 4% after Trump tariff announcement Content: Japan's benchmark Nikkei 225 index tumbled at least 4% shortly after opening Thursday following US President Donald Trump's announcement of sweeping global tariffs. The Nikkei 225 measures the performance of Japan's top 225 companies traded on the Tokyo Stock Exchange. Trump announced a 24% reciprocal tax on Japan, one of the dozens of countries singled out for additional tariffs by the US beyond the minimum 10% tariff imposed on all countries. Some context: Trump had previously announced that the US would impose a 25% tariff on all foreign-made automobiles, a move that took effect on Thursday and is expected to hit Japan particularly hard. The automotive industry is a pillar of Japan's economy, and the country is home to companies like Toyota, Honda and Nissan. Japan automobile exports to the US were about $40 billion in 2024. In recent years, major Japanese car manufacturers have moved their production to Mexico to cut costs. Update: Date: Title: 'This is not the act of a friend,' Australian leader says about Trump's tariffs Content: Australian Prime Minister Anthony Albanese condemned US President Donald Trump's 10% tariffs on the country's exports as 'totally unwarranted.' 'These tariffs are not unexpected, but let me be clear, they are totally unwarranted. President Trump referred to reciprocal tariffs. A reciprocal tariff would be zero, not 10%,' Albanese said in a joint news conference Thursday in Melbourne with Foreign Minister Penny Wong and Trade Minister Don Farrell.'This is not the act of a friend. Today's decision will add to uncertainty in the global economy – and it will push up costs for American households,' he said. The Australian leader said the shared history, friendship and alliance between Australia and the US were 'bigger than a poor decision,' but he suggested the move may change Australians' perceptions of their country's relationship with the US. Albanese has ruled out slapping any retaliatory tariffs on the United States, saying it is US consumers who will 'pay the biggest price.' 'We will not join a race to the bottom that leads to higher prices and slower growth. We will stand up for Australia. We will continue to make the strongest case for these unjustified tariffs to be removed from our exporters,' he said. 'Our existing free trade agreement with the United States contains dispute resolution mechanisms. We want to resolve this issue without resorting to using this,' he said. Albanese, who is fighting to keep his position ahead of the May 3 general election, also announced emergency funding support of 50 million Australian dollars ($31 million) for affected industries, including its beef industry, and the strengthening of anti-dumping rules to safeguard products like steel. Update: Date: Title: Treasury Secretary downplays significance of how stock market will react to tariffs Content: Treasury Secretary Scott Bessent downplayed the significance of what will play out in the stock market tomorrow after President Donald Trump signed new tariffs on virtually all US imports. Asked by CNN's Kaitlan Collins how he expects the stock market to respond, Bessent said: 'I don't know. I don't know where it's going to … open tomorrow. I don't know where it's going to close tomorrow. And I think what's going to be important are the underlying economic fundamentals, because at the end of the day, Warren Buffett says, in the short run, the market is a voting machine. In the long run, it's a weighing machine.' While the White House itself has acknowledged Americans may face some short-term pain, Bessent said prices could go up but 'they don't have to.' Also, Bessent emphasized how the 10% baseline tariffs will serve as a 'substantial revenue raiser' to support the tax cuts bill, which he said will ultimately lead to lower prices for consumers. Regarding tariffs on China, Bessent confirmed they will total 54%, adding 34% 'reciprocal' tariffs to existing 20% duties on all Chinese imports to the US. Update: Date: Title: America's top CEOs warn massive tariffs could damage the US economy Content: The Business Roundtable, a powerful group of America's leading CEOs, warned tonight that President Donald Trump's latest tariffs could backfire on the US economy. 'Universal tariffs ranging from 10-50% run the risk of causing major harm to American manufacturers, workers, families and exporters,' Business Roundtable CEO Joshua Bolten said in a statement. 'Damage to the US economy will increase the longer the tariffs are in place and may be exacerbated by retaliatory measures.' Bolten, the former chief of staff to President George W. Bush, said the Business Roundtable supports Trump's goal of 'securing better and fairer trade deals,' including by lowering tariffs on US goods. Bolten said the CEO group urges the administration and top trading partners to 'swiftly' reach trade agreements that will 'remove these tariffs.' 'While negotiations are underway, we strongly encourage the administration to implement additional reasonable exemptions and put in place a transparent, predictable exclusion process,' Bolten said. The Business Roundtable's members include more than 200 CEOs of leading US companies and its board includes GM CEO Mary Barra, Apple CEO Tim Cook and JPMorgan Chase CEO Jamie Dimon. The American Petroleum Institute, a trade group representing the oil-and-gas industry, put out a statement hailing Trump's decision to exclude oil and natural gas from the new round of tariffs. Oil prices dropped 3% this evening as investors worry the dramatic escalation in the trade war will damage the world economy. Update: Date: Title: Australia's stock market falls after Trump's tariffs decision Content: Australian markets dropped on the open Thursday after US President Donald Trump's decision to impose a 10% tariff on the country's exports. The ASX 200 fell 142 points, or 1.79%, led by tech stocks, banks and the property sector. Andrew McKellar, CEO of the Australian Chamber of Commerce, said compared to some of America's other significant trading partners, Australia had 'escaped relatively lightly.' But he said Trump's decision to impose tariffs was not a 'friendly act,' and businesses would look to work with the government to push back on them. Update: Date: Title: US tariff rate would surge to highest level since 1910 under Trump tariffs, Fitch says Content: President Donald Trump's massive new tariffs would send the US tariff rate dramatically higher to levels unseen since around 1910, according to Fitch Ratings. Trump's very aggressive tariff moves are set to lift the US tariff rate from just 2.5% last year to 22%, according to Fitch. That surpasses the roughly 20% tariff rate the United States charged following the infamous Smoot-Hawley Tariff Act of 1930, which set off a global trade war that economists say worsened the Great Depression. 'This is a game changer, not only for the US economy but for the global economy,' Olu Sonola, head of US economic research at Fitch Ratings, wrote in a statement today. Sonola said 'many' nations will likely plunge into recession. 'You can throw most forecasts out the door, if this tariff rate stays on for an extended period of time,' the Fitch economist said. Update: Date: Title: 4 Senate Republicans join with Democrats to rebuke Trump tariff policy in key vote Content: Four Senate Republicans joined with Democrats this evening to deliver a rare bipartisan rebuke to President Donald Trump over trade policy. The Senate adopted a resolution by a vote of 51 to 48 aimed at blocking the Trump administration's proposed tariffs on Canadian imports. The four Republicans who voted with Democrats were: Sens. Rand Paul, who cosponsored the resolution, Susan Collins, Mitch McConnell and Lisa Murkowski. Read more details here about the vote Update: Date: Title: Here's how US lawmakers are reacting to Trump's tariff policy Content: Lawmakers on both sides of the aisle are reacting to President Donald Trump's announcement of a new, sweeping tariff plan today. Democrats issued warnings about the impact to Americans and some Republicans backed the president, arguing their constituents should too. Here's what some Democrats said: Here's what some Republicans said: This post has been updated with additional comments from lawmakers. Update: Date: Title: Trump's tariffs will 'fundamentally change the international trading system,' Canadian prime minister says Content: Canadian Prime Minister Mark Carney said the reciprocal tariffs announced by US President Donald Trump will 'fundamentally change the international trading system.' Canada — like Mexico — was exempt from the reciprocal tariffs announced today but is still subject to a previously announced 25% tariff on goods that are not covered by the USMCA free-trade treaty. Speaking after Trump's announcement today, Carney said the US president 'has preserved a number of important elements' of the commercial relationship between the two countries, but added that the fentanyl tariffs, tariffs on steel and aluminum, and tariffs on automobiles will remain in place. Trump has tied tariffs on America's three largest trading partners — Mexico, China and Canada — to his claims that they aren't doing enough to prevent undocumented migrants and fentanyl from entering the US. Carney also pointed to the additional tariffs the US has said it is considering, on pharmaceuticals, lumber and semiconductors. 'The series of measures will directly affect millions of Canadians,' Carney said. 'We're going to fight these tariffs with counter measures.' Update: Date: Title: House Democrat plans effort to force vote to rebuke Trump tariff policy despite GOP leadership objections Content: The House may soon be forced to take a vote rebuking President Donald Trump's tariff policy, despite GOP leadership efforts to block such a move. Rep. Greg Meeks of New York, the top Democrat on the House Foreign Affairs Committee, said today that he plans to introduce a privileged resolution to force a vote over tariffs, a procedural maneuver that can be used to bypass leadership and force floor votes. House GOP leaders have already moved to kill Meeks' attempts to force a vote on previous Trump's tariffs — and moved earlier this year to bar the chamber from any floor votes rebuking Trump's tariff policy. But Democrats say that would not apply to Meeks' new resolution. If Meeks introduces it this week, the House could be forced to take a vote in the coming days, though GOP leaders would likely try again to halt that vote. The House is no longer in session this week. Update: Date: Title: Analysis: Trump's right on one thing — the country is about to look very different Content: For a president who ran on the promise of lowering prices for consumers on Day One, President Donald Trump's first major economic initiative is a set of policies practically guaranteed to do the opposite. The long awaited announcement today was, unsurprisingly, partly a political rally and partly an unveiling of his 'Liberation Day' agenda — an across-the-board set of tariffs that represent the most fundamental shift in global trade since World War II. In a 48-minute speech in the Rose Garden, Trump laid out the key points of his plan before veering into his trademark rambling about the price of eggs, violent gangs crossing the border, his approval ratings, 'Sleepy Joe' and other things. Here are the key points: Stock futures tumbled in response. Partly because investors know that tariffs raise prices and crimp growth and make it more likely the US will tip into a recession. The thing concerning critics of tariffs — which is to say, virtually all mainstream economists, business leaders and investors — is the fundamental contradiction in what Trump believes the plan will accomplish. He sees tariffs as a catch-all economic tool that can restore America's manufacturing prowess, bring foreign nations to heel on key disputes, restore the balance of trade and bring in gobs of money that can help pay off the US deficit and reduce Americans' tax burdens, as my colleague David Goldman writes. And while tariffs can do some of those things, they can't possibly achieve them at the same time. Consider this: If tariffs are a pressure campaign, they have to go away once countries acquiesce — poof goes the revenue. There were a lot of flat-out false and exaggerated statements in Trump's speech. But one thing he said rang true, in a way I'm sure he didn't intend. 'This will be an entirely different country in a short period of time,' he said. 'It'll be something, the whole world will be talking about it.' Update: Date: Title: US spirits and wine industries oppose Trump's plan and urge return to "zero-for-zero" tariffs Content: The Distilled Spirits Council of the United States said in a statement today that it urged President Donald Trump to 'liberate the US spirits sector disputes by negotiating deals that get us back to fair and reciprocal zero-for-zero tariffs for spirits products.' That means it wants a return to no tariffs on both imports and exports. The industry had this model with 51 countries and 'flourished,' the council said. 'We recognize that President Trump is working to secure fair and reciprocal trade and stand ready to work with the administration to untangle the spirits industry from the recent trade disputes so we can resume zero-for-zero trade with our major trading partners,' the council said. The American spirits industry can be a target for retaliatory tariffs. The European Union decided to spike tariffs on American whiskey to 50% in March, which the council at that time called 'deeply disappointing.' Canada currently has a 25% retaliatory tariff on all American spirits. The wine industry: US Wine Trade Alliance said in a statement it 'strongly opposes' including wine on the list of products that will be impacted by Trump's new reciprocal tariffs. It argued that US-European Union wine trade 'is already fair and reciprocal, with each side charging the other only pennies per bottle.' Now, 'restaurants will suffer, domestic producers will face new obstacles in bringing their wines to market, and retailers, importers, and distributors across the country will be placed at serious risk,' the alliance said. This post has been updated with comments from the US Wine Trade Alliance. Update: Date: Title: Treasury Secretary warns foreign countries not to escalate trade war Content: Treasury Secretary Scott Bessent has a message for any countries who are planning to swiftly react to President Donald Trump's tariff plans: 'Sit back, take a deep breath, don't immediately retaliate.' 'Let's see where this goes, because if you retaliate, that's how we get escalation,' Bessent said in an interview with CNN's Kaitlan Collins. 'A trade war depends on the country. But remember that the history of trade is we are the deficit country. The deficit country has an advantage. They are the surplus countries. The surplus countries traditionally, always lose any kind of trade escalation,' Bessent said. 'As a student of economic history or a professor of economic history, I'd advise against it.' The European Union, China, Japan, South Korea, Colombia and Mexico have previously said they would respond to Trump's trade actions. Bernd Lange, chairman of the European Parliament's International Trade Committee, on Wednesday called America's new reciprocal tariffs 'unjustified, illegal and disproportionate.' But Bessent cautioned other countries that 'doing anything rash would be unwise.' He also suggested that the tariffs might not be permanent, telling Collins, he believes the Trump administration is going to 'wait and see how this plays out.' Update: Date: Title: China will now face a 54% tariff on goods shipped to the US Content: China, already subject to a 20% across-the-board tariff on goods it ships to the United States, will now face a 54% tariff. That's because President Donald Trump imposed a 34% reciprocal tariff on all Chinese imports that will come on top of the existing 20% tariff that Trump slapped on China to incentivize it to restrict the flow of fentanyl into the United States, White House Press Secretary Karoline Leavitt confirmed today. That could raise prices substantially for a number of goods Americans buy from China. The United States imported $439 billion worth of goods from China last year, the second top source of imports behind Mexico. And starting on May 2, the 54% tariff rate will also be applied to packages worth less than $800 coming to the US from China and Hong Kong, goods that were previously excluded from tariffs because of the so-called de minimis exemption. This means Americans who order goods from Chinese-based companies like AliExpress, Temu and Shein could have to pay 54% more. If goods that cost less than $800 come through standard postal service, they'll be charged at a rate of 30% or $25, increasing to $50 per package in June. To skirt existing tariffs, some Chinese companies have shifted production to other Asian countries. But Trump's new reciprocal tariffs on other Asian nations announced Wednesday will hurt China, too: Vietnam will face tariffs of 46% and Cambodian goods will be tariffed at a rate of 49%. Update: Date: Title: Stock futures plunge as investors digest Trump's tariffs Content: US stocks plunged in after-hours trading as investors digested President Donald Trump's sweeping tariffs. Dow futures fell more than 900 points, or 2.19%. S&P 500 futures sank 3.38%. Futures tied to the Nasdaq 100 dropped 4.28%. 'Trump is enacting a very aggressive tariff policy, far more aggressive than most investors thought possible six months ago,' said Jed Ellerbroek, portfolio manager at Argent Capital. 'Painful times for stock market investors.' Wall Street had been nervous about Trump's tariffs, though some analysts expected stocks could rally if the tariff announcement was lighter than feared. Those hopes were dashed as Trump unveiled sweeping baseline 10% tariffs on all imports, plus higher rates for specific countries. 'While the market was positioned to bounce on a 'less bad than expected' tariff announcement, there is no way to spin today's news as positive for the economy or stock market,' said Ellerbroek. JoAnne Bianco, chief investment strategist at BondBloxx, said the US will continue to experience elevated uncertainty and market volatility as investors assess the 'detrimental economic impact' of Trump's tariffs. Economists expect that Trump's sweeping tariffs could upend global supply chains, stoke inflation and drag on economic growth. Apple (AAPL) tumbled more than 7% in after-hours trading. The tech giant relies extensively on supply chains in China, which will be subject to steep tariffs. The other stocks leading markets lower in after-hours trading included Tesla (TSLA), which fell more than 5% and Amazon (AMZN), which fell more than 6%. Nike (NKE) plunged 7% and Walmart (WMT) fell 5%. 'President Trump just finished his tariff speech at the White House and we would characterize this slate of tariffs as 'worse than the worst case scenario' the Street was fearing,' said Dan Ives, senior analyst at Wedbush Securities, in a note. Ives said 'the jaw dropper' was Trump slamming hefty reciprocal tariffs on China, bringing its rate to 54%. 'The roller coaster ride continues as the initial leaks were positive … but then the details were released and they were far worse than expected,' said Chris Zaccarelli, chief investment officer at Northlight Asset Management. 'The silver lining for investors could be that this is only a starting point for negotiations with other countries and ultimately tariff rates will come down across the board — but for now traders are shooting first and asking questions later,' said Zaccarelli. Update: Date: Title: Fact Check: Trump's false claim that China 'never paid 10 cents to any other president' from tariffs Content: President Donald Trump also repeated today his frequent false claim that, before his first presidency, China 'never paid 10 cents to any other president' from tariffs. Aside from the fact that US importers make the tariff payments, the US was actually generating billions per year in revenue from tariffs on Chinese imports before Trump took office. In fact, the US has had tariffs on Chinese imports since 1789. Trump's predecessor, President Barack Obama, imposed additional tariffs on Chinese goods. Update: Date: Title: Trump declares a national economic emergency Content: To give himself broad powers to set tariffs, President Donald Trump has declared a national economic emergency, claiming the United States has been mistreated by foreign countries that are happy to sell US consumers goods but put up trade barriers to make American-made goods unattractive and uncompetitive. America's trade deficit means that the United States imported $1.2 trillion more goods than it exported in 2024 – a record. However, economists largely agree that the trade gap in goods doesn't tell the whole story of America's economic interactions with its trade partners. For example, the US has a surplus in services and last year, America exported $1.1 trillion worth of services, the highest on record. The trade deficit is offset by exports of capital and financial accounts (US has a surplus), which include foreign asset transactions and international debt forgiveness. Nevertheless, Trump has attempted to use tariffs to rebuild America's manufacturing prowess. Update: Date: Title: "It's not even close": The US will have the highest tariff rates in the world, economist says Content: Economist Justin Wolfers responded to the president's tariff announcements Wednesday with a chart showing that the policy will give the United States 'the highest tariff rates of any industrialized country. And it's not even close.' Comparing various countries' average tariff rates from 2022, Wolfers says in the chart that 'the Trump proposal for 2025 will be literally off the scale of this graph.' There's no question that today's tariff announcement will give the United States the highest tariff rates of any industrialized country. And it's not even close.[image or embed] Update: Date: Title: Fact Check: Trump falsely claims the US took in money China paid in previous tariffs Content: President Donald Trump repeated his frequent false claim that, because of the tariffs he imposed on China during his first term, the US 'took in hundreds of billions of dollars' that 'they paid.' In fact, US importers, not foreign exporters like China, make the tariff payments, and study after study has found that Americans bore the overwhelming majority of the cost of Trump's first-term tariffs on China; it's easy to find specific examples of companies that passed along the cost of the tariffs to US consumers. Update: Date: Title: Fact Check: Trump's claim about trade deficit with Canada Content: President Donald Trump, claiming that 'we subsidize a lot of countries,' falsely said today 'it's close to $200 billion a year' with Canada. Trump has repeatedly used this $200 billion figure to describe the US trade deficit with Canada in particular, which is actually far lower than $200 billion. Offficial US statistics show the 2024 deficit with Canada in goods and services trade was $35.7 billion and $70.6 billion in goods trade alone. Trump didn't mention the trade deficit in particular this time — but even if he was intending to use the word 'subsidize' more broadly, there is no basis for the claim. Update: Date: Title: Catch up: What to know about Trump's new tariff plan Content: President Donald Trump today announced tariffs of at least 10% on practically all goods coming into the United States. He also imposed higher rates on dozens of countries that have the highest trade deficits with the US. Here are the key things to know from his Rose Garden announcement: Update: Date: Title: Fact Check: Trump's claim about Canada's dairy tariffs Content: President Donald Trump correctly noted in his speech today that Canada has tariffs exceeding 250% on some US dairy products. However, he falsely claimed that merely 'the first little carton of milk' exported to Canada faces a 'very low price,' but 'then it gets up to 275, 300%.' In reality, Canada has guaranteed that tens of thousands of metric tons of imported US milk per year, not merely a single carton, will face zero tariffs at all; Canada conceded a certain guaranteed level of tariff-free US access to its dairy market as part of the United States-Mexico-Canada Agreement (USMCA) that Trump's own first administration negotiated. Trump also didn't mention something the US dairy industry acknowledges: The US is not hitting its zero-tariff maximum level of exports to Canada in any category of dairy product, so the Canadian tariffs aren't being applied; with regard to milk in particular, the US isn't even at half of the tariff-free quota. (There is a vigorous US-Canada debate about why the US is so far from the maximum, with each country blaming the other. Regardless of who's right, the tariffs aren't hitting US milk.) Trump has persistently omitted key facts about Canada's dairy tariffs. You can read more here from this previous CNN fact check. President Trump claimed that Canada puts hefty tariffs on US milk after just one "little carton." CNN's Daniel Dale fact checks this claim. Update: Date: Title: American consumers will be hit hard by tariffs, National Retail Federation warns Content: President Donald Trump's newly announced tariffs will lead to higher costs for American families, the National Retail Federation warned today. 'Tariffs are a tax paid by the US importer that will be passed along to the end consumer,' David French, the trade organization's executive vice president of government relations, said in a statement. 'Tariffs will not be paid by foreign countries or suppliers.' The immediate implementation of these tariffs is a 'massive undertaking' and could negatively affect millions of US businesses, he noted. The tariffs are expected to have a disproportionate effect on local communities and, especially, small retailers. 'More tariffs equal more anxiety and uncertainty for American businesses and consumers,' he said. 'While leaders in Washington may not care about higher prices, hardworking American families do.' Consumer spending powers more than two-thirds of the nation's economic activity; so if that engine falters, the economic consequences can start spiraling. Consumer confidence has cratered as the sheer unpredictability of Trump's policies has increased uncertainty. Consumers also have reined in some spending to start the year. Earlier today, the NRF released its 2025 retail sales forecast, projecting growth of between 2.7% and 3.7% to between $5.42 trillion and $5.48 trillion, marking a likely pullback from the 3.6% annual sales growth notched last year. 'It's the hard data on employment, income and tariff-induced inflation — not consumer sentiment — that supports our view of a slower trajectory for consumer spending,' Jack Kleinhenz, the NRF's chief economist said in a statement. Update: Date: Title: Senate expected to vote tonight on measure to rebuke Trump's tariff policy Content: The Senate is expected to start voting around 6:45 p.m. ET on a Democrat-led measure to rebuke President Donald Trump over the tariff policy. Vote timing in the Senate can be fluid, but that is the current schedule guidance, according to a Senate Republican whip notice. Update: Date: Title: Stock futures fall as Trump announces sweeping tariffs Content: US stocks tumbled in after-hours trading as President Donald Trump delivered remarks at the Rose Garden and unveiled sweeping tariffs. Dow futures tumbled 256 points, or 0.61%. S&P 500 futures slid 1.69%. Futures tied to the Nasdaq 100 fell 2.54%. Stocks had closed higher ahead of Trump's tariff announcement, but began to slide as Trump revealed his administration's plan for rolling out tariffs. Exchange-traded funds that track the major stock indexes also tumbled in after-hours trading. An ETF tracking the Dow fell 1.1%, while an ETF tracking the S&P 500 slid 2.2% and an ETF tracking the Nasdaq 100 slid 3%. Meanwhile, the most actively traded gold futures contract in New York briefly rose above $3,200 a troy ounce, a record high. Gold is up more than 20% this year and just posted its best quarter since 1986. Gold is considered a safe haven amid economic and political uncertainty. Update: Date: Title: Here's a breakdown of the newly announced tariffs by country Content: President Donald Trump announced reciprocal tariffs on a list of dozens of countries today. During his event in the Rose Garden, the president held up charts detailing the percentage the US will tariff each individual country, based on the tariffs charged to the US. 'We will charge them approximately half of what they are and have been charging us, so the tariffs will be not a full reciprocal,' Trump said. 'I could have done that, I guess, but it would have been tough for a lot of countries and we didn't want to do that.' One of the highest tariff rates of 49% will be levied on all Cambodian imports, according to the charts from the White House. Here's a look at the reciprocal tariffs: This post has been updated with additional remarks from Trump. Update: Date: Title: Trump claims tariff actions signify US "standing up for our great farmers and ranchers" Content: President Donald Trump claimed that with the latest tariffs, his administration is defending the US farmers and ranchers. 'With today's actions, we're also standing up for our great farmers and ranchers who are brutalized by nations all over the world,' Trump said. The president specifically criticized the tariffs Canada has imposed on US dairy products. 'It's not fair to our farmers. It's not fair to our country,' he said, claiming that US provides large subsidies to countries like Canada and Mexico to 'keep them in business.' Update: Date: Title: Trump: "We are finally putting America first" Content: President Donald Trump said he is taking a stand and 'finally putting America first' during remarks leading up to the signing of his reciprocal tariffs plan. 'Today we're standing up for the American worker, and we are finally putting America first,' Trump said. The president claimed the US takes care 'of countries all over the world' and then 'when you want to cut back a little bit, they get upset you're not taking care of them any longer.' He said the tariffs are a sign that 'we're going to take care of our people first.' 'We truly can be very wealthy. We can be so much wealthier than any country, it's not even believable, but we're getting smart,' Trump said. Update: Date: Title: Trump announces sweeping new tariffs on all imports Content: President Donald Trump today announced tariffs of at least 10% on practically all goods coming into the United States, plus even higher rates on dozens of countries that have the highest trade deficits with the United States. The new policy represents a dramatic shift in global trade and economic policy. It's aimed at restoring US manufacturing prowess and the balance of trade. But it threatens to escalate an emerging global trade war and raise prices for American consumers at a precarious time for for the economy. Trump's policy will put in place a baseline 10% tariff on all goods from all countries except those compliant with the USMCA free trade agreement between Mexico, Canada and the United States (non-compliant goods will continue to be charged at a 25% rate). Importers of goods from other nations will begin paying the baseline 10% tariff on Saturday at 12:01 am ET. A group of about 60 or so countries, which senior Trump administration officials labeled the 'worst offenders,' will be charged a tariff at half the rate they charge the United States. Those reciprocal tariffs will go into effect April 9 at 12:01 am ET, according to a senior White House official. Update: Date: Title: Trump says US will impose 25% tariff on all foreign automobiles effective at midnight ET Content: President Donald Trump said that the US will impose a 25% tariff on all foreign-made automobiles effective at midnight ET to address 'horrendous imbalances' that have impacted the country's 'industrial base' and put national security at risk. Trump noted how many countries impose high tariffs on US made cars. 'None of our companies are allowed to go into other countries. And I say that, friend and foe — and in many cases, the friend is worse than the foe in terms of trade,' Trump said during his remarks from the White House Rose Garden. 'But such horrendous imbalances have devastated our industrial base and put our national security at risk.' Trump added that he doesn't place the blame on other countries for 'this calamity.' 'I blame former presidents and past leaders who weren't doing their job. They let it happen, and they let it happen to an extent that nobody can even believe. That's why, effective at midnight, will impose a 25% tariff on all foreign made automobiles,' the president said. Update: Date: Title: Trump says new tariffs are a "declaration of economic independence" Content: President Donald Trump said today is 'one of the most important days' in American history as he is expected to sign an order instituting reciprocal tariffs on various countries. 'It's our declaration of economic independence,' Trump said at a Rose Garden event announcing the new measures. The president said the United States would use the money generated from tariffs to 'reduce our taxes and pay down our national debt.' 'For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it's our turn to prosper,' Trump said. He also claimed the tariffs would create more manufacturing in the United States which 'will mean stronger competition and lower prices for consumers.' This post has been updated with more remarks from the president. Update: Date: Title: NOW: Trump delivers remarks on his tariff plans Content: President Donald Trump is delivering remarks on his 'Liberation Day' plans from the White House Rose Garden, where he is expected to announce tariffs on US trading partners. A number of lawmakers and industry executives are in attendance, according to a person familiar with the planning. Update: Date: Title: US stocks close higher as traders brace for Trump's announcement on tariffs Content: US stocks closed higher Wednesday as traders brushed off concerns about uncertainty and pushed markets into the green. The Dow closed higher by 235 points, or 0.56%. The broader S&P 500 gained 0.67% and the tech-heavy Nasdaq Composite rose 0.87%. The S&P 500 posted its third day of gains in a row. Investors will now likely be closely attuned to President Donald Trump's announcement on tariffs. 'The market is looking for an excuse to go up,' said Jed Ellerbroek, portfolio manager at Argent Capital Management. 'We're set up for a rally on a 'less bad' outcome to Trump's tariff announcement,' Ellerbroek said. 'We'll see if he gives the market room to put a positive spin on his decision.' US stock markets closed at 4 p.m. ET, though stock futures trading will continue into the afternoon as investors digest Trump's announcement on tariffs. 'If the tariffs are not as bad as feared, stocks will rally,' said Jeff Kleintop, chief global investment strategist at Charles Schwab. 'If the tariffs are bad, but the market decides they are unlikely to last very long, then stocks could also rally.' 'Of course, if they are much worse than feared and appear chaotic and likely to be followed by more and more in the coming weeks, then the market could sell off,' Kleintop said. Update: Date: Title: Canadian brewer warns that making beer will get "more expensive very quickly" with new tariffs Content: The co-founder of an Ottawa-based brewery told CNN that new tariffs from the White House could rapidly increase the costs of brewing beer and ultimately drive down demand for it. Josh McJannett, co-founder of Dominion City Brewing Co. said independent brewers on both sides of the border will be spending more 'for absolutely no reason.' 'It's one of these moments where you just realize that the underpinning assumptions about everything in our business needs to be reconsidered,' the Canadian business owner told CNN.'A lot of the things that we buy and use in our business are on the way to getting more expensive very quickly,' he said. Brewers like him have been loading up on can inventory due to US President Donald Trump's aluminum tariffs – which the Commerce Department on Wednesday specified includes beer cans. But that inventory will not last forever, McJannett said, as his can suppliers are already informing him about price increases. Like many other local businesses, Dominion City has rolled out their own initiatives to 'Buy Canadian,' recently producing a beer with 100% Canadian ingredients. But there are certain items that they simply can't buy from local suppliers. Among them are 16-ounce cans, also known as tallboys. Tallboys are a staple in the craft brewery business but aren't manufactured in Canada at all. 'Because we're such a small-scale operation — we just can't pass along anything like a 25% increase to our consumers without seeing a huge impact on consumption,' McJannett said. 'People need to eat; they don't need to drink beer.' Update: Date: Title: Trump aide's claims that tariffs will offset pending tax cuts are "contradictory goals," Richard Quest says Content: CNN Business anchor Richard Quest says White House aide Peter Navarro's claim that tariffs are a tax cut and not an increase is a contradictory statement. 'They are contradictory goals. Let's be clear about this,' Quest said. Quest went on to explain: 'Now, if Peter Navarro is right, and this is all about bringing billions, trillions, into the economy then that is contradictory to the idea that it is designed to improve American production and bring production back because, think about it logically, if you bring American production back then you won't be getting the import tariff, therefore you won't be getting the revenue. You can't have both. They are two sides of the same coin.' Quest added, that in the short-run there may be an advantage. 'In the short-run you're going to see billions of dollars coming into the US Treasury. Fact. take that to the bank as well. But you're going to have to weigh that against this vast economic experiment, the like of which we've not seen before.' More on tax-cut claim: Navarro said on Sunday that he expects President Donald Trump's tariffs to bring in $6 trillion in revenue in the next decade, which could amount to the largest tax hike in US history. Even when adjusting for inflation, that amount would be triple the tax increase put in place in 1942 to pay the cost of fighting World War II. Navarro, Trump's senior counselor for trade and manufacturing, insists it's not a tax increase but a tax cut — echoing the Trump administration's repeated belief that tariffs will be paid not by American consumers but by businesses in other countries or the countries themselves. Update: Date: Title: Stocks are volatile with less than an hour to go until Trump's tariff announcement Content: It's been another volatile day on Wall Street, and stocks are fluctuating as President Donald Trump's expected announcement on tariffs nears. After gradually climbing midday, US stocks have fallen from their peaks, though were holding onto their gains in afternoon trading. The Dow was higher by 97 points, or 0.23%. The benchmark S&P 500 index was up 0.26%. The tech-heavy Nasdaq Composite gained 0.4%. The blue-chip Dow rose nearly 400 points in the early afternoon before flirting with sliding back into the red — but ultimately stalled in the green. Markets have been choppy in the weeks leading up to Trump's announcement on tariffs, set for 4 p.m. ET. As investors have wrestled with uncertainty, some think the market might be oversold. 'I just feel like this is one of those moments where the bark may have been worse than the bite,' said Jamie Cox, managing partner at Harris Financial Group. 'The [stock] prices have declined to such a degree that the eventual announcement is, you know, less bad than what was anticipated.' US stock markets will close at 4 p.m. ET, though stock futures trading will continue into the afternoon as investors digest Trump's announcement on tariffs. 'Investors are obviously very concerned about the risks to the US economy from these [tariff] plans,' said JoAnne Bianco, senior investment strategist at BondBloxx. 'We would just love to see more clarity,' Bianco said. Update: Date: Title: Your questions, answered: What does Trump seek to gain with tariffs? Content: John from Florida wonders: 'What does Trump hope to gain by imposing tariffs?' While the details of President Donald Trump's tariffs plan are largely unknown, CNN's David Goldman has some answers in this analysis: Trump says he believes tariffs are a panacea: a catch-all economic tool that can restore America's manufacturing prowess, bring foreign nations to heel on key disputes, restore the balance of trade and bring in gobs of money that can help pay off the US deficit and reduce Americans' tax burdens. Trump is correct that tariffs can help fulfill many if not all of those promises: When used effectively, tariffs can help boost production at home by making foreign goods more expensive. Because America is an enormous and diverse economy that doesn't rely on trade as much as its neighbors, the United States could use tariffs to inflict serious damage on other countries' economies without plunging itself into a recession. Revenue raised by tariffs could help offset some of its deficits. But, as the saying goes, if it sounds too good to be true, it usually is. The problem with Trump's plan is that tariffs can't achieve all of those goals at the same time. Read the full analysis. Have more questions about tariffs? Ask here. Update: Date: Title: Parliament member says Canada is united during "critical moment" in relationship with US Content: A member of Canadian parliament said his country is united its resolve to take care of its workers and push back against the US as President Donald Trump is set to announce more tariffs later today. Taylor Bachrach, speaking to CNN from Fort St. James, British Columbia, said many people there are 'heavily dependent on the softwood lumber industry' and much of that lumber goes to the United States. 'People who are involved in these trade exposed industries are all very concerned about what today's announcement is going to mean,' he said. Canada has already threatened retaliation against the US. When it comes to what exactly what that will look like, Bachrach said officials will consider how to make 'an impact with retaliatory tariffs while minimizing the impact on our own economy and on Canadian workers and Canadian jobs.' He called it a 'really critical moment,' adding that Canada has 'benefited from so many years as friends and allies and trading partners.' 'This is a very difficult situation and it's forcing Canadians to have some important conversations about where we go from here with our relationship with the United States,' Bachrach said. Update: Date: Title: Some avocado production in Mexico has stopped ahead of tariffs Content: Some avocado producers in Michoacan, Mexico, have come to a complete stop as they await word on tariffs. Michoacan is the world's leading avocado-producing region. 'They're cutting, but very little volume,' said Jorge Mendoza, a salesman at Frutas Finas Sanchez, an avocado producer and distributor. 'And they're adapting to the prices they're being offered, in this case, lower prices, which would be the main blow to the producer.' Mendoza said clients in the United States asked to hold any orders this week as a precaution, fearing the product would be shipped and they would face tariffs at the ports of entry. 'There's a lot of uncertainty; everyone is panicking because some of our clients had already paid tariffs last month. So now, they've taken a little more precaution,' Mendoza said. 'Very little product is moving in the industry, and we're all in uncertainty, waiting to see what's going to happen.' Update: Date: Title: Why Trump's tariff transformation is so risky Content: President Donald Trump's most robust move yet to transform the global trading system could end up affecting every American, raising prices at a time when family budgets are already stretched. The president is implicitly asking everyone to buy in to a strategy that promises tantalizing future benefits but requires sacrifice for years to come. Trump reasons that by imposing tariffs on imports, he'll force firms to relocate manufacturing and supply chains to the United States, thereby creating jobs and reviving regions left destitute by globalization. The downside, however, is that tariffs will spike prices for consumers weary of the high cost of living. And there's no guarantee firms will bring production back stateside, since such a reorientation would take years and presumably outlast Trump's time in power. If the president follows through, he'll be taking a huge political risk. But he seems oblivious to the potential impact. Read more here. Update: Date: Title: "This is not Liberation Day, it's Recession Day,' says House Minority Leader Jeffries Content: House Minority Leader Hakeem Jeffries told reporters that President Donald Trump's plan to impose sweeping tariffs on America's trading partners would trigger a recession. 'Trump tariffs are going to make things more costly in the United States,' he said today at a news conference. 'Republicans are crashing the American economy in real time and driving us to a recession,' Jeffries said. 'This is not Liberation Day, it's Recession Day. Among the many tariff proposals Trump is apparently considering, the worst-case scenario appears to be a 20% universal tax on all US imports. Research by The Budget Lab, a research center at Yale, found that a 20% across-the-board tariff, along with retaliation by US trading partners, would likely cost the typical middle-class household $3,800 per year in disposable income due to higher prices. Update: Date: Title: Auto tariffs could boost foreign car prices by as much as $20,000, according to new analysis Content: The auto tariffs set to take effect on foreign cars tomorrow could raise the price of some imported cars by up to $20,000, according to new analysis by Michigan think-tank Anderson Economic Group, or AEG. Cars that are fully imported will see the highest price hikes, anywhere from $8,000-$20,000. That includes brands like Audi, BMW, Jaguar-Land Rover, Mercedes, Genesis, and Lexus. AEG expects cost increases could hit in-demand models within a month. The imported vehicles highest on the tariff impact list: Full-size SUVs, luxury models, and electric vehicles. If the Trump administration eventually rolls out tariffs on auto part imports, as it has promised, that will also raise the cost for cars assembled in the US but with parts from Canada, Mexico, and Europe. That's every car built in the US, as every domestic vehicle contains imported parts. That includes large SUVs, such as the Chevrolet Suburban, GMC Yukon, Cadillac Escalade, which will cost $10,000-$12,000 more. Mid-sized SUV's and pickup trucks could see hikes of $5,000-8,500. Some EV's could see price increases of $15,000. Even cars assembled in the US but with a low share of foreign parts could see price hikes of at least $2,500. AEG predicts the tariffs will cost consumers $30 billion in the first year. And while the group expects manufacturers to absorb the tariff cost for the first year, they say eventually it will shift cost entirely to the consumer. 'If you are in the market for a new car and you find one you like, my advice is to buy it right away. If you have a used car you rely upon, my advice is to make sure it is well maintained as you are likely to use it for a while longer than you had earlier planned,' said Patrick L. Anderson, the CEO of Anderson Economic Group. Update: Date: Title: Share how tariffs are changing your spending habits Content: Sweeping new tariffs will be rolled out by the Trump administration today, potentially raising the costs for almost everything Americans buy. With inflation and high interest rates already contributing to vulnerabilities among consumers, CNN is asking you to tell us how all of this is changing your spending decisions and saving habits. Update: Date: Title: Americans will pay $6 trillion for Trump's tariffs — the largest tax hike in US history Content: White House aide Peter Navarro said he expects President Donald Trump's tariffs to bring in $6 trillion in revenue in the next decade, which could amount to the largest tax hike in US history. Even when adjusting for inflation, that amount would be triple the tax increase put in place in 1942 to pay the cost of fighting World War II. Navarro, Trump's senior counselor for trade and manufacturing, insists it's not a tax increase but a tax cut — echoing the Trump administration's repeated belief that tariffs will be paid not by American consumers but by businesses in other countries or the countries themselves. 'The message is that tariffs are tax cuts, tariffs are jobs, tariffs are national security,' Navarro said on Fox News Sunday. 'Tariffs are great for America. They will make America great again.' But most economists say US-imposed tariffs are paid by American businesses and consumers in the form of higher prices on imported goods, not paid by foreigners. Read more here. Update: Date: Title: Your questions, answered: Don't retaliatory tariffs hurt the country that imposes them? Content: 'When other countries enact retaliatory tariffs, don't the people of that country pay for them? They will not affect the US,' Ted from Connecticut asked us. Hi Ted, great question! If other countries impose retaliatory tariffs on the United States, you're correct in that people in those countries (i.e. the importers) would pay them. That's because the prices of imported goods being tariffed will rise unless that country can produce more of that particular item domestically or import it from another country. But expanding an industry can be a lengthy process, and not all items can be made or grown in every country. And even if they can, it could cost a lot more. That's probably why they chose to import from the US to begin with. That doesn't mean the US economy won't be impacted by retaliatory tariffs, however. If it ends up being cheaper to get the tariffed goods from outside the US, American businesses can suffer from a loss of revenue, which could force employers to lay off workers. Got questions for us about the tariffs? Get in touch. Update: Date: Title: Owner of New York Volkswagen dealership says tariffs will hurt businesses like his Content: Julio Batista, owner and operator of Teddy Volkswagen in the Bronx, New York, said that increased tariffs will definitely hurt his business. He hopes President Donald Trump continues to negotiate or change his mind so that they are short-lived. Most of Volkswagen vehicles, primarily the most popular models — Tiguan and Jetta — are made in Mexico, Batista said. The Tiguan, which is their bestseller ,starts at $30,000 and could increase by $7,000 once the tariffs take effect, he estimated. Batista said the dealership loaded up on inventory prior to Trump's implementation of tariffs in the hopes they can keep prices steady for a few more months. Customers and inquiries have also doubled in the last few weeks as clients try to buy before tariffs, Batista added. 'I understand what (Trump is) doing, but it's not a good idea. It hurts businesses like ours,' Batista said. VW has a big plant in Puebla, Mexico, and the CEO of the company has said that despite the tariffs, they are not moving production to US. Update: Date: Title: Why is Trump so focused on tariffs? Content: President Donald Trump's belief in the almost mystical power of tariffs is rooted in his world view of winners and losers and his conviction that the US has long been ripped off by European and Asian powers that protect their industries. 'We're going to charge countries for doing business in our country and taking our jobs, taking our wealth, taking a lot of things that they've been taking over the years,' Trump told reporters last week. 'They've taken so much out of our country, friend and foe.' Tariff policy is as old as the United States. But many economists blame restrictive trade policy for causing immense hardship in the Great Depression in the 1930s, and the post-World War II period saw the gradual lowering of trade barriers before a radical reshaping of global commerce as the 21st century dawned. But recreating a 1950s-style idyll of American manufacturing is a stretch in an era when the US' competitive edge and economic might is centered on service industries, technology and the rise of jobs and commerce based on artificial intelligence. Read more here. Update: Date: Title: North Carolina brewers and farmers concerned about higher production costs Content: Business owners in North Carolina say they are concerned about the Trump administration's newest planned tariffs — set to be announced later today — and warned that additional levies will impact their prices and customers. The president and co-founder of Devil's Foot Brewing in Asheville, North Carolina, Benjamin Colvin, said he has already seen production expenses increase due to tariffs on aluminum and steel. His company makes a variety of craft sodas and zero-proof cocktails. Now, he's worried that trend is going to continue, specifically pointing to lemons and limes that he sources from suppliers in Mexico. 'It's concerning, it's going to be expensive, it's going to require us all to make decisions,' Colvin said at a news conference with other business owners in the state today. Wendy Brugh, the owner of Dry Ridge Farm in Mars Hill, North Carolina, said tariffs will also affect farmers. She said they could make things like fertilizer, construction materials and animal feed more expensive. Another farmer, Mary Carroll Dodd, the owner of Red Scout Farm in Black Mountain, North Carolina, said a lot of the supplies they use on small farms come from Canada and Mexico. Things like insect netting and tools, she said, come from the US' neighbor. Dodd said her supplier for potting soil told her that prices could increase from 8 to 10% because of the tariffs on some of the ingredients. 'For small farms like mine, where profit margins are already razor-thin, these cost increases hit card,' she said. Update: Date: Title: Recession odds are rising as Trump's trade war escalates, Goldman Sachs says Content: The US economy faces a growing risk of a recession as surging tariffs threaten to stunt growth, reignite inflation and lift unemployment, according to Goldman Sachs. The Wall Street bank warned clients this week that it now sees a 35% chance of a recession in the next 12 months, up from 20% previously. Goldman Sachs also increased its inflation estimate, slashed its 2025 GDP forecast to just 1% and bumped up its year-end unemployment rate outlook by 0.3 percentage points to 4.5%. While Goldman Sachs still expects the US economy to avoid a downturn, other forecasters think it's more of a 50/50 call. This is Goldman's highest recession probability since the regional banking crisis two years ago. The catalyst now is the shock from President Donald Trump's trade war, which is set to intensify this week. Goldman Sachs blamed the 'sharp recent deterioration in household and business confidence, and statements from White House officials indicating greater willingness to tolerate near-term economic weakness in pursuit of these policies,' the bank's economists wrote in the report. Read more here. Update: Date: Title: Some GOP senators are warning of the impacts of Trump's tariffs Content: Republican senators warned Wednesday that the short-term impacts of President Donald Trump's aggressive tariff policy, which he's set to announce the details of later in the afternoon, should not be overlooked, even though they are open to his broader trade vision. Sen. John Kennedy told CNN's Manu Raju that he understands where Trump is 'coming from' with his approach to tariff policy, adding, 'the president's saying if you're a business in a foreign country and want to sell to America, move your business here and hire Americans, and in the long run he's right.' 'As I've said repeatedly, in the long run, we're all dead. Short run matters, too. Nobody knows what the impact of these tariffs is going to be on the economy,' he said, explaining some economists say that tariffs will 'lead to the apocalypse,' while others have a rosier outlook. Trump is set to announce the details of his 'Liberation Day' plan at 4 p.m. ET, as he aims to redraw economic agreements with US trading partners. The details of the new levies are still unclear, but Trump has teased everything from reciprocal tariffs on all countries; the enactment of delayed 25% tariffs on Mexico and Canada; as well as tariffs on lumber, copper, pharmaceuticals and microchips. Kennedy said that in the 'worst case scenario,' tariffs could raise inflation and interest rates, leading to a 'slowing economy and a recession.' 'I'm obviously pulling for the positive, but we're in unchartered waters,' he added. GOP Sen. Shelley Moore Capito of West Virginia said reciprocal trade policies sound 'sensible' and she wants to see American workers and businesses treated 'fairly,' but added, 'I think there is some trepidation, worrying about impacts on costs of groceries or other items, and automobiles, in particular, so I'm concerned about that.' She told Raju she's heard input from constituents mostly about how tariff would affect the products they produce and consume, but ' by and large, I'm supporting the President's efforts.' Update: Date: Title: Not everyone suffers from tariffs. Here's a look at who can benefit from them Content: Consumer sentiment is plunging. The stock market is off to its worst start in years. Hiring has slowed down. Recession odds are on the rise. Economists, consumers and Wall Street are lambasting President Donald Trump's trade policy. But not everyone suffers from tariffs. The United Autoworkers union has praised Trump's auto tariffs after the group has lost thousands of jobs to factories in Mexico and Canada. 'We applaud the Trump administration for stepping up to end the free trade disaster that has devastated working class communities for decades,' the UAW said in a statement last week. Free trade has its benefits, typically lowering the costs of goods for American consumers. But it has drawbacks too. It can devastate manufacturing industries, as companies build factories in countries that supply cheaper labor. So history has shown that there are practical — and sometimes beneficial — use cases for tariffs. They can protect countries' national security interests, address unfair trade practices and shore up domestic industries. Tariffs can also combat monopolization of critical imports. However, like free trade, tariffs can also sting, particularly when they're applied indiscriminately. Trump's implemented and proposed tariffs would place taxes on trillions of dollars worth of goods, forcing companies to make painful decisions about reshoring production that they can't easily bring back to the United States. 'Tariffs can work,' Connecticut Democratic Sen. Chris Murphy told CNN's Christiane Amanpour Wednesday. But he argued Trump's tariffs would only achieve chaos. 'He is applying tariffs with absolutely no corresponding domestic industrial incentives,' Murphy said. 'And thus all that's going to happen here is prices are going to go way up.' Update: Date: Title: Your questions, answered: How much will car prices increase? Content: Isaac from Oregon asks, 'Realistically how much will cars go up,'? In response to your question, Isaac, we'll direct you to some fresh CNN reporting: With a 25% tariff about to hit every imported car on Thursday, prices could rise between $5,000 to $15,000 per vehicle, depending on the make and model, according to Goldman Sachs estimates. And the Trump administration could further send the automobile industry spiraling if it follows through with its plan to enact tariffs on car parts — since even American-made cars import a significant portion of their parts from Canada and Mexico. That could further slam car buyers if enacted. For example, cars from Ford, Chrysler, GM and Honda are expected to face cost jumps from $4,000 to $10,000, according to a February estimate from Michigan-based think tank Anderson Economic Group. Electric car buyers are expected to pay at least $12,000 more per vehicle. If you're curious on whether you should buy a car now or later, read our full story. Got questions for us about the tariffs? Get in touch. Update: Date: Title: Canadian finance minister promises "strong response" to Trump's tariff announcement Content: Canada finance minister promised a 'strong response' to US President Donald Trump's expected announcement about new reciprocal tariffs on imports later today. 'There is no one who can claim to know precisely what will arrive today,' Canadian Finance Minister François-Philippe Champagne told reporters in Granby, Quebec. 'But we are certain that we are ready to defend (Canadian) industry with a strategic response, a strong response, a targeted response.' Champagne stressed that Canada would never budge on its supply management system — a regime of production controls and tariffs on poultry, dairy and eggs that the country has had in place for over 50 years. Many farmers in the country credit the system with protecting their livelihoods. 'No matter the nature of the negotiations we will have with the United States of America or other countries, we will never allow supply management to be on the table,' the minister said. A key part of supply management, and one that's provoked the ire of the Trump administration, is Canada's high tariffs on dairy. Though the tariffs are in some cases over 200%, they rarely kick in. As of March 10, the US had yet to meet even half of its quota for milk exports before Canada would apply its tax. Update: Date: Title: Wait, which tariffs are currently in place? Content: President Donald Trump's affinity for tariffs is hardly a secret. As he's repeatedly said, it's among his favorite words in the dictionary. But for all his chatter about tariffs, it can be challenging to keep track of which ones are actually in effect versus the ones he has only threatened to implement. While this will almost certainly change in a matter of hours, here are the tariffs that are currently in effect as of Wednesday morning: Update: Date: Title: US stocks rally amid tariff uncertainty Content: US stocks were higher during a choppy trading session Wednesday as investors shook off uncertainty about President Donald Trump's announcement on tariffs, set for 4 p.m. ET. The Dow was higher by around 300 points, or 0.73%. The broader S&P 500 rose 0.8% and the tech-heavy Nasdaq gained 1.2%. Similar to Monday and Tuesday, stocks opened lower Wednesday before climbing into the green. 'Regardless of what happens [today], tariff uncertainty is impossible to predict, and so rather than trying to read the tea leaves and adjust investments based on what's going on in Washington, we're focused on investing in companies that have superior cash flow generation during all seasons, and not just seasons when we're worried about tariffs,' said David Bahnsen, chief investment officer at The Bahnsen Group. While US stocks rebounded, global stocks were mixed. Europe's benchmark STOXX 600 index fell 0.5%. Germany's DAX index sank 0.66%. In Asia, Japan's Nikkei 225 index gained 0.28% and Taiwan's benchmark index edged higher by 0.08%. Hong Kong's benchmark Hang Sang index edged lower by 0.02%. The yield on the 10-year US Treasury note rose to 4.21% Wednesday after settling at 4.156% on Tuesday, which was its lowest level this year. Yields rose Wednesday as investors sold bonds and stocks rallied. Update: Date: Title: Tariffs could make new homes more expensive Content: Tariffs could hobble homebuilding efforts in the US, at a time when the country needs to build millions of new homes to meet growing demand. The sharp decrease in home affordability over the last four years has stung many Americans – and President Donald Trump won his bid for office partly on the back of dissatisfaction with the economy. Trump's tariff plan threatens to significantly increase the price of many raw materials used in construction, like lumber, aluminum, and steel, which could cause the price of new homes to rise. Lately, the homebuying market has shown signs of life as the spring homebuying season kicks off and mortgage rates have fallen slightly over the past few weeks. But tariffs threaten the fragile recovery of the housing sector, which represents about 15% to 18% of GDP. The National Association of Homebuilders estimated that $14 billion worth of imported goods were used in the construction of both new multifamily and single-family housing in 2024. The group estimates that new tariffs on China, Canada and Mexico are projected to raise the cost of imported construction materials by more than $3 billion, depending on the specific tariff rates. Update: Date: Title: Here's how many cars could be affected by Trump's auto tariffs Content: Last week, President Donald Trump said he would be implementing a 25% tariff on all cars shipped to the United States as of 12:01 am ET on April 3. For decades, because of a free trade agreement, automakers have treated Canada, Mexico and the United States as one big country, with no tariffs among them. But Trump wants to grow the domestic automaking industry. He said he's been in touch with the Big Three US automakers, Stellantis, Ford and General Motors, noting that 'If they have factories here, they're thrilled. If you don't have factories here, they're going to have to get going and build them.' Even if automakers were to shift production to the US, it would take years to accomplish the switch. In the meantime, US consumers look set to face higher prices on their vehicle purchases. Update: Date: Title: Democratic Sen. Tim Kaine confident in "rock solid" GOP support to rebuke Trump on tariffs Content: Democratic Sen. Tim Kaine revealed he approached Sen. Mitch McConnell Tuesday evening about signing onto his effort to rebuke President Donald Trump by forcing a vote on blocking tariffs on Canadian imports and the Kentucky Republican pledged to back it before Kaine could even ask. 'I said, I want to talk to you about my Canadian tariffs bill. And you know, I didn't even get to the question, and he said, 'I'm with you,'' Kaine recounted. Kaine indicated he has 'rock solid support' from four GOP senators — McConnell, Susan Collins, Lisa Murkowski and Rand Paul — which would be enough for the Senate to symbolically rebuke Trump on tariffs. He also said there are others 'who are thinking about it by haven't declared' their support. One likely reason for McConnell's expected backing of Kaine's effort is the pushback he has heard from his state's agriculture industry. 'There's never been a one-sided trade war and they always retaliate when it's agriculture. It hits ag (agricultural) states very, very hard, which includes whiskey,' Kaine said. 'Craft distillers in Virginia, my craft brewers are very, very worried about this. And I'm sure he is hearing the same thing … I would imagine he is hearing a mouthful from folks.' Kaine also said he isn't taking unanimous Democratic support for granted but disagreed with Democratic Whip Dick Durbin that there would be defections on their side. Update: Date: Title: Trump administration includes beer cans in its 25% aluminum tariffs Content: Beginning at 12:01 a.m. ET on Friday, aluminum used in beer, as well as empty aluminum cans, will be subject to the 25% tariffs that went into effect on all imports of the metal last month, according to a notice published by the Commerce Department on Wednesday. The move is likely an attempt by the Trump administration to close possible loopholes businesses have uncovered to get around the 25% aluminum tariff. Update: Date: Title: Foreign countries warn Trump: Prepare for retaliation on tariffs Content: The problem with a trade war is it doesn't simply end once tariffs are put in place. Countries typically retaliate with higher tariffs of their own, and that's when a tit-for-tat trade war can start to get out of hand. Even before President Donald Trump has announced his 'Liberation Day' tariffs, scheduled to be unveiled at 4 p.m. ET at the White House, a number of America's trade partners are lining up to warn Trump that they'll retaliate quickly: On top of America's tariffs, retaliation itself could add significantly to US inflation, Yale's Budget Lab said in a report this week. Update: Date: Title: A check on Trump's progress in his trade battle Content: President Donald Trump pledged during his reelection campaign to rework trade deals with US partners across the globe, citing a need to 'put America first on trade.' Since his return to the White House, he has rolled out a 20% levy on all Chinese imports, added a 25% tariff to all steel and aluminum imports and promised a 25% tariff on most imported cars and auto parts. He has said he plans to introduce additional tariffs on sectors such as pharmaceutical drugs, lumber, copper and semiconductor chips. But Wednesday's tariff schedule is being touted as his most aggressive trade policy yet, stretching across all trading partners and potentially involving all imported goods. White House press secretary Karoline Leavitt said Tuesday that April 2 'will go down as one of the most important days in modern American history.' Update: Date: Title: People will die if tariffs make critical medications unaffordable, health care CEO warns Content: President Donald Trump has floated the idea of higher tariffs on pharmaceutical products, though he has suggested that life-saving drugs could be spared. If they are not, the impact on many Americans could be unthinkable, according to one CEO. Speaking to BBC World Service radio, Gareth Sheridan, the Irish CEO of Nutriband, a US health care company, noted that Ireland – which exports a lot of pharmaceuticals – makes a wide range of medications, including those used for chemotherapy and for treating heart conditions and diabetes. 'These types of treatments can't afford a disruption in the global supply chain. You know, as a comparable situation, tariffs on automobiles: You can't afford a BMW now? Okay, you can buy a Ford and you can still get to work,' he said. 'If you have a 25% hike on chemotherapy and you can't afford your treatment anymore, what's the alternative? I mean, ultimately, people are going to die and they're going to die because they can't afford to live.' Remember: Last year, the United States imported $232.7 billion worth of medicinal and pharmaceutical products, based on official US data. Update: Date: Title: Trump has multiple end games for tariffs. They "can't all be true," economist says Content: President Donald Trump has outlined several reasons behind his aggressive tariff policy: Initially, he noted the tariffs could help the US gain leverage over other countries on non-economic matters, such as controlling the flow of fentanyl and immigrants. And other times, he's touted the potential revenue gains and the industrial revitalization of the United States. 'It can't all be true,' Marcus Noland, executive vice president and director of studies at the Peterson Institute for International Economics, said in an interview with CNN. 'If you're going to use it as negotiating leverage, then it's not a revenue thing, because it's not going to be permanent,' he said. 'And if it's to re-industrialize America, then we're not going to have many imports — because we're going to have re-industrialized — so it isn't going to gain a lot of revenue.' 'And if we're going to do it for revenue purposes, then we have to continue importing, and that revenue will effectively be a tax on those who consume imports,' he said. And that's a 'regressive tax,' research has shown, meaning that lower-income consumers will be hit the hardest. The head of the Congressional Budget Office has estimated that tariffs could raise $800 billion over a period of 10 years. Other Trump administration officials touted much larger gains: in the ballpark of $6 trillion during the next decade. Noland calls that latter figure 'a magical number.' 'It will raise some money,' he said. 'But it won't raise enough money to pay for the tax cuts.' Update: Date: Title: UK won't "rush" to retaliate US tariffs Content: The UK won't 'rush' to retaliate any tariffs imposed by US President Donald Trump on British goods, the country's finance minister said on Wednesday. 'The government has been really clear that we are going to approach this in a clear-headed way and always represent the national interest,' UK Chancellor Rachel Reeves told lawmakers in parliament. Reeves said that she met with some major UK exporting businesses Wednesday, just hours before Trump is expected to announce a sweeping set of tariffs on the US's trading partners. 'They don't want government to rush into any response because the prize on offer is an economic agreement,' she added. 'We don't want to do anything that undermines that. We don't want to get ahead of ourselves.' Reeves noted that Britain would wait to see how other countries retaliated to any forthcoming tariffs from the White House before deciding how to respond. 'We won't do anything to put (an economic agreement) in jeopardy,' she said. Update: Date: Title: Treasury secretary tells lawmakers tariff rates will be capped and can be negotiated down, source says Content: The tariff rates President Donald Trump reveals Wednesday will amount to a ceiling, and can be negotiated downward, his Treasury Secretary Scott Bessent told lawmakers a day ahead of the announcement, according to a person familiar with the conversation. Bessent's remarks to members of Congress suggest the administration views the new duties as a negotiating tactic to pressure other countries to lower their own duties on US imports. Trump has suggested as much, saying he is flexible as other countries adjust their rates. But he's also promised to raise tariff rates if other nations retaliate — a sign the figures announced Wednesday could go up or down. Bessent was meeting with Republicans to discuss Trump's economic agenda. Many lawmakers have voiced concern about the new tariffs and if they could raise prices for their constituents. Update: Date: Title: How a universal tariff could backfire Content: President Donald Trump wants to raise revenue from tariffs to pay down debt and give Americans a tax break. He also wants to boost America's manufacturing and grow jobs at factories. He could achieve that — but it would be painful, according to Yale's Budget Lab. The drawbacks would almost certainly outweigh the rewards. The Budget Lab found that the most significant tariff proposal Trump is considering — a 20% across-the-board tariff on all goods coming into the United States — would raise between $3.1 trillion and $4.1 trillion over a decade. And it would raise prices by an alarming rate. 'Our analysis shows that a 20% broad tariff would generate significant revenue, but it would come at an enormous cost,' Ernie Tedeschi, director of economics at The Budget Lab, told CNN in a phone interview Wednesday. 'In very short order, it would raise prices by more than a year's worth of normal inflation. And America's economy would be smaller, even in the long run, as a result of this policy.' Tedeschi, a former economic adviser in the Obama administration, conceded that broad tariffs could 'absolutely' make some US factories more profitable and allow them to hire more people. 'But for every factory that can expand its payroll, more businesses and factories will have to lay workers off or even close entirely. Net-net, it ends up being a negative for the United States,' Tedeschi said. Update: Date: Title: Trump's worst-case scenario tariffs could cost Americans $3,800 a year Content: Among the many tariff proposals Trump is apparently considering, the worst-case scenario appears to be a 20% universal tax on all US imports. That would shrink the US economy, lift prices and significantly erode Americans' disposable income, according to research from The Budget Lab at Yale. The nonpartisan research center finds that a 20% universal tariff, which CNN has reported is an option being considered by President Donald Trump, would raise between $3.1 trillion and $4.1 trillion over a decade. Trump continues to weigh several tariff options and it is not yet known what his final proposal will be. But those tariffs, along with retaliation by US trading partners, would likely cost the typical middle-class household $3,800 per year in disposable income due to higher prices, The Budget Lab found. The top 10% of earners would see their inflation-adjusted income drop by $9,500 per year, while the bottom 10% would lose $2,400, researchers said. Lower-income households would likely get hit the hardest on a relative basis, with their disposable income dropping by 5.5%, compared with 1.9% for the top 10%. The hit to consumers would come from higher prices, especially on items such as food, clothes and electronics. The Budget Lab finds that a 20% tariff, along with full retaliation, would lift prices by 2.6%. If other nations choose not to retaliate, prices would increase by 2%. Update: Date: Title: Mexico's president will announce economic plan tomorrow in response to Trump's tariffs Content: Mexican President Claudia Sheinbaum said she will unveil a broad economic plan on Thursday in response to President Donald Trump's sweeping new tariffs, but stopped short of providing many details. 'It is a comprehensive program — what we'll announce,' Sheinbaum said Wednesday in her daily news conference. 'It's not an issue of, if you impose tariffs, we'll impose tariffs. Our interest is in strengthening the Mexican economy, including the auto industry among others.' She pointed to efforts made by former Brazilian President Dilma Rousseff to strengthen her country's automotive industry and said it's something her administration is studying. 'The problem is that we're importing many vehicles,' she said. 'If we want to strengthen the auto industry … we have to make sure cars that are bought in Mexico are made in Mexico.' 'The program we'll present tomorrow isn't only related to the tariffs that the US could impose,' she added. Update: Date: Title: "I call it Termination Day," Ontario premier says about Trump's "Liberation Day" Content: Ontario Premier Doug Ford said that increased tariffs on Canadian goods will ultimately hurt American families, adding that President Donald Trump's so-called 'Liberation Day' is more like 'Termination Day.' Ford told CNN's Wolf Blitzer a majority of lumber that the US imports to build homes comes from Canada, so 'it's going to increase the cost of a house.' Additionally, Ford said that the cost of cars will also increase. 'We ship as many autos as we buy, but the cost of a pickup truck or an automobile is going to go up,' he said. Ford continued: 'So these tariffs is nothing but a tax on Americans and he, President Trump, calls it 'Liberation Day,' I call it 'Termination Day,' because a lot of people are going to be terminated from their jobs' as a result of them. Still, Ford said he does hope that Trump ultimately settles on lower tariff increases. 'I'd like to just go back to the original deal. We had a great deal, he said it was the greatest deal ever. I guess it's not the greatest deal ever now,' Ford said, referring to the United States-Mexico-Canada Agreement, adding that Canada and the US should work together as partners and not adversaries. Update: Date: Title: US stocks climb higher ahead of Trump's tariff announcement Content: US stocks edged into the green Wednesday morning ahead of President Donald Trump's expected announcement on tariffs, which is set for 4 p.m. ET. The Dow climbed higher by 100 points, or 0.24%. The broader S&P 500 edged higher by 0.2% and the tech-heavy Nasdaq Composite gained 0.15%. Stocks have been volatile this week. The S&P 500 on Tuesday sank as much as 0.95% before ending the day 0.38% higher. 'We expect volatility to rise given the difficulties of forecasting tariffs and the ultimate impact on the economy and earnings,' said Kurt Reiman, head of fixed income for the Americas at UBS Global Wealth Management. 'Extreme fear' has been the sentiment driving markets since Friday, according to CNN's Fear and Greed Index. Investors are looking to build on a three-day winning streak for the S&P 500 despite the uncertainty around tariffs. 'Markets have oversold the tariff threat and now the risk is a reversal to the upside if the tariff bark turns out to be bigger than the tariff bite,' said Jamie Cox, managing partner at Harris Financial Group. Update: Date: Title: "Significant economic disorder": Europe steps up warnings on tariffs Content: Several European officials spoke out against tariffs today ahead of President Donald Trump's announcement. The president's tariffs will have a 'negative impact' around the world, said Christine Lagarde, president of the European Central Bank. 'The density and the durability of the impact will vary depending on the scope, on the products targeted, on how long it lasts, on whether or not there are negotiations,' she told Ireland's Newstalk radio, adding that tariff hikes often 'prove harmful, even for those who inflict it.' Similar warnings came from the European Union's executive arm and the French government. Olof Gill, a spokesperson for the European Commission, warned of looming 'pain' both in Europe and the United States. 'We want to sit down at the table with our American counterparts and find agreements, deals that will allow us to avoid the inevitable pain of these tariffs on both sides of the Atlantic,' he said. Although the French government does not yet know the details of US tariffs due to be unveiled later, 'they risk being pretty powerful,' spokesperson Sophie Primas told reporters. 'People are speaking of tariffs between 20 and 25%,' she said. 'This will obviously lead to quite significant economic disorder on the products impacted, not only in Europe but also in the United States.' European officials have been warning against higher tariffs for weeks. 'In our interconnected world, increased trade frictions are detrimental to global (economic) growth and welfare,' Lagarde said in a speech last month, noting that such frictions, including tariffs, raised costs and disrupted production. Update: Date: Title: Consumers are feeling very wary of tariffs Content: America's economic engine is running a little rough these days. Consumer confidence is cratering, debt burdens are growing, people are worrying more about their jobs and they're pulling back on some spending out of caution. High inflation and high interest rates have contributed to vulnerabilities among consumers, making them all the more susceptible at a time when the sheer unpredictability of the Trump administration's policies are chilling spending and investment plans. And now, massive tariffs are set to be rolled out, raising the cost on almost everything Americans buy. 'The consumer sees darkening clouds for the economy ahead,' said Chris Rupkey, chief economist at FwdBonds. Consumer spending powers more than two-thirds of the nation's economic activity; so if that engine falters, the economic consequences can start spiraling. Update: Date: Title: Your questions, answered: What tariffs were in place before Trump? Content: 'Prior to Trump, what tariffs has the US put on other countries?' Patrick in Canada asks. While we can't list every tariff enacted in US history in this short post, there were some tariffs imposed by the Biden administration on China. In September 2024, the Biden administration imposed tariff hikes on certain Chinese-made products, meaning the tariff rate went up to 100% on electric vehicles, to 50% on solar cells and to 25% on electrical vehicle batteries, critical minerals, steel, aluminum, face masks and ship-to-shore cranes from September 27, according to the US Trade Representative's Office. Tariff hikes on other products, including semiconductor chips, were set to take effect in the two years after that date. Another thing worth noting is that Trump implemented sweeping tariffs on about $300 billion of Chinese-made products when he was first in office. Biden kept those tariffs in place and, after the USTR finished a multiyear review earlier this year, decided to increase some of the rates on about $15 billion of Chinese imports. Got questions of your own? Ask us here. Update: Date: Title: Trump shares Fox Business segment featuring small business administrator praising "Liberation Day" Content: President Donald Trump shared a Fox Business segment in which US Small Business Administrator Kelly Loeffler praised 'Liberation Day,' the term he coined to mark his announcement of sweeping new tariffs. Trump posted the segment on Truth Social and highlighted the portion of the interview where Loeffler tells Maria Bartiromo that 'Liberation Day' is an 'exciting day' and 'is the single greatest salvation, for not just small businesses, but for America.' 'This country was traveling down an unsustainable path, and President Trump has been the only president that has a backbone to stand up to our allies and adversaries alike and say, 'We have to level the playing field.' KELLY LOEFFLER.' Trump's post noted. The president is expected to announce new tariffs today at 4 p.m. ET from the White House Rose Garden. Here's what we know: It remains unclear what Trump's plans are as he attempts to negotiate new terms for economic agreements. As of late Tuesday, Trump and his team were still reportedly weighing options of what plans will be unveiled today. For months, Trump kept businesses and nations across the globe largely in the dark on his tariff plans that revolve around what he refers to as 'reciprocal tariffs.' But on April 2, he's promised to answer at least some of their burning questions. Today's announcement is unlikely to relieve businesses that have been craving certainty since Trump's November victory. Rather, it'll open a whole new can of worms as countries respond to new tariffs with countermeasures on American goods, setting the stage for a new phase of negotiations that could escalate an already bitter trade war. CNN's Elisabeth Buchwald contributed to this report. Update: Date: Title: International Chamber of Commerce: Trump's plan could be the "largest escalation in US tariffs" in 100 years Content: President Donald Trump's sweeping tariffs are expected to have implications for businesses around the world, especially if foreign countries retaliate, which many have promised. Trump's tariffs threaten to upend a global trade order that has persisted for decades, and business leaders are worried that tensions will spiral out of control after Trump's big announcement in the Rose Garden. 'The scope and scale of this tariff hike vastly surpasses the infamous Smoot-Hawley Act of 1930 and would place American exports valued at over $1.6 billion at risk of some form of trade retaliation,' John Denton, secretary general of the International Chamber of Commerce, said in commentary issued Wednesday. 'There is a clear systemic risk to the global trading system if the reciprocal U.S. tariffs spark a tit-for-tat trade war involving multiple major trading partners,' he said. Denton added that 'the reciprocal tariff plan could well represent the single largest escalation in U.S. tariffs in the last century.' The European Union, Mexico, Canada, China, Japan, and South Korea have all pledged to respond to Trump's latest tariffs. Update: Date: Title: Tariffs on lumber and materials could exacerbate housing affordability, builders warn Content: Softwood lumber — which is sourced from the likes of pine, spruce, firs and other conifers — is prized for its light weight, workability and strength. As such, its applications are vast, but it's a critical ingredient in the US homebuilding industry. And considering that 30% of the softwood lumber consumed in the US is imported (with Canada accounting for north of 80% of those imports), American homebuilders have been sounding the alarm that the tariffs could further exacerbate the housing affordability crisis. Builders estimate that tariffs on lumber and other critical homebuilding materials could up the average cost of a home by $9,200, according to the March National Association of Home Builders/Wells Fargo Housing Market Index. Economists expect that lumber prices could increase in the near-term and caution that expanding the domestic timber and lumber industry could take time. A rosier outlook: However, some within the lumber sector say the new tariffs, especially on imports coming from Canada, would help level the playing the field. They also say the existing US industry has a significant amount of existing capacity that's not currently being utilized. Jason Brochu, co-president of Pleasant River Lumber in Maine, said his two mills in the Pine Tree State are running at 60% capacity but could increase its workforce and production in a matter of months, if the demand is there. 'We could ramp up fairly quickly,' Brochu said in an interview with CNN. 'The saw mill industry has modernized a lot, and speaking for our location and our region, bringing in the employment isn't a major impediment.' 'It can happen fairly quickly,' he added. Update: Date: Title: Trump's friends and allies called him with tariff ideas until the eleventh hour, sources say Content: President Donald Trump spent much of yesterday huddled with his top trade advisers, with many friends and allies calling him up until the eleventh hour with ideas on how best to move forward with his tariff plan, sources familiar with the talks told CNN. The plan will be unveiled in the Rose Garden, his first event in the White House space of his second term, and will include the pomp and circumstance the president expects to accompany an announcement of this magnitude, two White House officials told CNN. The event was initially scheduled to begin at 3 p.m. ET, but was later moved to 4 the two White House officials told CNN — notable given it will now kick off after markets close. The announcement comes as top Trump administration officials struggle to articulate what the president's endgame is. Trump officials, including White House press secretary Karoline Leavitt on Tuesday, have repeatedly urged the public to trust Trump and have pointed to the economy during his first term as justification. Update: Date: Title: Car dealership owner says he'll "likely take a $20,000 hit" on a vehicle if it's not shipped out today Content: Dave Kelleher, the owner of a David Dodge Chrysler Jeep Ram car dealership in Glen Mills, Pennsylvania, spoke to CNN about how the impending tariffs may impact his business. Kelleher gave an example of a car that could 'go from $30,000 ostensibly to $37,500, and it's that quick,' he said, snapping his fingers. 'And that kind of change in price moves that payment $175 a month, and our customers — they're middle-class people — they just can't afford that kind of bump.' Kelleher also told CNN's Danny Freeman that he has a customer who ordered a $86,000 Ram truck — which will skyrocket in price if it's not shipped today, causing Kelleher to likely take a $20,000 hit. 'We're trying as hard as we can to get that thing off the line today. If that can on a train today, it'll be without tariff. If it gets on the train tomorrow, it's going to have a 25% tariff. That $86,000 car becomes a $103,000 car overnight and that customer, he's going to turn to me. I'm most likely going to eat that. That's a $20,000 hit that I'm going to take,' he said. Kelleher said he thinks President Donald Trump's aim to bring more jobs to the US is 'admirable.' But he added: 'I'm telling you right now, the impacts of these tariffs are going to make Americans lose jobs.' Remember: Trump has imposed 25% tariffs on all steel and aluminum imports and a 25% tariff on foreign cars that is set to go into effect on Thursday. A 25% tariff on foreign auto parts is set to go into effect by early May. The president said this past weekend that he doesn't care if automakers hike prices because of his tariffs, reiterating, 'people are going to start buying American cars.' Update: Date: Title: Analysis: Here's what Trump actually wants from tariffs Content: President Donald Trump says he believes tariffs are a panacea: a catch-all economic tool that can restore America's manufacturing prowess, bring foreign nations to heel on key disputes, restore the balance of trade and bring in gobs of money that can help pay off the US deficit and reduce Americans' tax burdens. Trump is correct that tariffs can help fulfill many if not all of those promises: When used effectively, tariffs can help boost production at home by making foreign goods more expensive. Because America is an enormous and diverse economy that doesn't rely on trade as much as its neighbors, the United States could use tariffs to inflict serious damage on other countries' economies without plunging itself into a recession. Revenue raised by tariffs could help offset some of its deficits. But one major problem with Trump's plan is that tariffs can't achieve all of those goals at the same time: For example, if tariffs are a pressure campaign, they have to go away once the countries acquiesce — which means there will be no tariffs to restore the trade balance. If tariffs are designed to promote America's manufacturing sector, they can't also raise revenue to offset deficits. And if Americans switch to 'Made in the USA' goods, then who pays the tariff on foreign products? As the saying goes, if it sounds too good to be true, it usually is. Update: Date: Title: Democratic representative: "Trump's tariffs are taxes on the average person" Content: Democratic Rep. Mark Pocan said President Donald Trump's expected tariffs on Wednesday are coming out of 'either spite or who he's upset with' and will lead to consumers paying for them. 'Trump's tariffs are taxes on the average person. There's reasons to have tariffs. If someone's dumping cheap steel in this country, we should put tariffs on it to support the American workers and the industry. But that's not what's happening. This is across the board tariffs that somehow Donald Trump does out of either spite or who he's upset with or whatever rationale he's using,' Pocan said Wednesday on 'CNN News Central' with John Berman, Kate Bolduan and Sara Sidner. He continued, 'But at the end of the day, the people who pay it are the consumers.' Pocan said Republicans who agree with Trump's agenda will pay a price at the polls. 'The attacks that we see coming from the Trump administration and from Elon Musk right now are epic, and people don't like them. And Republicans who are complicit are going to pay a price,' he said. Update: Date: Title: US stocks open lower ahead of Trump's unveiling of tariffs Content: US stocks opened lower Wednesday as investors await President Donald Trump's announcement on tariffs. The Dow was down 330 points, or 0.78%. The S&P 500 fell 1% and the tech-heavy Nasdaq Composite slid 1.43%. Trump's back and forth on his trade policy has roiled markets, leaving Wall Street eager for clarity, though bracing for continued uncertainty. 'Investor sentiment remains skittish,' said Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, in a Tuesday note. Analysts at Bank of America Global Research said in a Tuesday note that without relief from uncertainty, stocks could slide further in the short term. 'It's very tough to know what to expect, and we don't even know what the tariffs actually are,' said Michael Green, chief strategist and portfolio manager at Simplify Asset Management. Update: Date: Title: Why a "relief rally" on Wall Street would likely be short lived Content: Sometimes, even bad news can be good news on Wall Street. Markets have been on a knife's edge this week, awaiting President Donald Trump's tariff announcement this afternoon, and there's a sense among some investors that any news, even if it's bad for the long-term health of the economy, will bring a level of clarity that investors have been craving. That could spark a brief 'relief rally,' Mike O'Rourke, chief market strategist at Jones Trading, said in a note late Tuesday. That's what often happens when Wall Street expects a company to have terrible earnings — once the earnings come out, the stock might rally or remain flat, because at least investors can see what they're dealing with. The anticipation is worse than the event. But this time may be different, according to O'Rourke. 'There can be a relief rally, but there won't be certainty,' he writes. Tariffs will likely bring retaliation, and retaliation brings escalation. 'The situation is likely to remain fluid for some time,' O'Rourke said. 'Ideally, several key nations would drop tariffs and global trade would benefit. That would be the best-case scenario, but it appears nearly impossible.' Update: Date: Title: Your questions, answered: How are international leaders responding? Content: 'What has been the response from U.S. trading partners and international leaders? Could these tariffs lead to retaliatory measures, and what might these look like?' are some of the questions asked by Amedee, in California. Many international leaders have been quick to condemn the previewed tariffs, warning that they don't want to enter into a trade war, and saying their countries will take strong countermeasures if they are imposed. Here's what some of them had to say: • Europe: On Tuesday, head of the European Union, Ursula Von der Leyen said bloc had a 'strong plan' for striking back at the US, if required. Already, Europe has responded to Trump's steel and aluminum tariffs by unveiling countermeasures on up to 26 billion euros ($28 billion) worth of American goods exports, including tariffs on boats, bourbon and motorbikes. • Canada, China, Japan and South Korea are also readying retaliation against Trump's looming tariffs. The three Asian countries plan to announce retaliatory tariffs in lockstep, Chinese state broadcaster CCTV said Monday. They held economic talks Sunday for the first time in five years, vowing to bolster fair trade and strengthen economic ties among them. • Canada: Prime Minister Mark Carney told President Donald Trump on Friday that his nation would retaliate against the US with tariffs of its own if Trump pressed forward with his promised levies. • United Kingdom: Prime Minister Keir Starmer said his country would take a 'pragmatic approach' to its response and that a 'trade war is in nobody's interest.' We are answering questions from readers on the tariffs. You can submit your questions here. Update: Date: Title: Here's what Federal Reserve officials have said about Trump's expected tariffs Content: President Donald Trump's trade war, which is expected to kick into high gear Wednesday, will undoubtably affect the US economy. Federal Reserve officials are watching closely how everything plays out. Trump's economic team is still hashing out the details of the new duties in the eleventh hour, but economists widely expect Trump's tariffs in most cases to raise inflation and weaken economic growth. The Fed is tasked by Congress to tame inflation and promote full employment. Most Fed officials in recent remarks have acknowledged the high level of uncertainty stemming from the dizzying back-and-forth on tariffs. Most have also said that it's still not clear how the economy will ultimately respond to Trump's shock therapy. Here's what Fed officials have said recently on tariffs. Update: Date: Title: Your questions, answered: Who pays the tariff? Content: 'Who pays the tariffs imposed by the White House: the government of the foreign country? Or, American based businesses that buy goods and services from other countries?,' Ruth, from the Midwest asks. In response your question, Ruth, it has been at times confusing identifying who has to pay the tariff. President Donald Trump and members of his administration have often shrugged off concerns about the additional cost tariffs present for US businesses, claiming foreign countries are the ones who pay for it. That's not exactly true, though. Domestic businesses that import products into the country pay the tariffs up front, contrary to Trump's claims that exporting nations foot the bill. The actual transaction occurs at the 328 points of entry into the US designated by Customs and Border Protection to take in imports, including airports, railways, roads and ports. At those ports of entry, CBP agents collect tariff revenue from the domestic businesses importing the products, which is calculated based on how the merchandise is classified and where it came from, said Ted Murphy, a lawyer at Sidley Austin who specializes in advising businesses on customs compliance issues told CNN in March. But Trump isn't entirely wrong in saying that other nations pay for tariffs levied on them, Murphy said. That's because when businesses know they'll have to spend more to import goods from one country versus another, they may decide it makes more financial sense to find a new supplier elsewhere or, in Trump's ideal world, shift their production to the US. In either case, the economy of the country whose goods are tariffed can suffer from the loss of revenue, potentially resulting in job losses. But exporting nations often don't just accept tariffs without fighting back. Update: Date: Title: UK prime minister says "trade war is in nobody's interest" as Britain braces for Trump tariffs Content: UK Prime Minister Keir Starmer said his country will take a 'pragmatic approach' in its response to looming tariffs from his US counterpart's administration. 'A trade war is in nobody's interest and the country deserves, and we will take, a calm, pragmatic approach,' Starmer said today to Parliament. 'That is why constructive talks are progressing to agree a wider economic prosperity deal with the US. That's why we are working with all industries and sectors likely to be impacted. Our decisions will always be guided by our national interests, and that's why we have prepared for all eventualities, and we will rule nothing out,' he added. On Monday, a spokesperson for Starmer said that the British government has been 'actively preparing for all eventualities,' according to a Reuters report. The spokesperson told reporters that talks between the UK and US to strike a deal to avoid the tariffs will likely continue beyond Wednesday, Reuters reported. Update: Date: Title: Trump was still weighing tariff options late yesterday, as pros and cons of each idea come into focus Content: As President Donald Trump and his team worked Tuesday to 'perfect' the tariffs he plans to unveil in the Rose Garden, he continued to weigh ideas that differed dramatically in size and scope — underscoring just how divergent some of his options are in the hours before his announcement. As of late yesterday, the White House had not arrived at a final decision. These were still under consideration, according to people familiar with the matter: Trump and his aides were also studying new, additional options, including a more targeted flat-rate option just on certain countries. The tariffs will go into effect immediately, the White House said yesterday, but added he would be open to negotiation once they're in place. Trump's Rose Garden event is scheduled for 4 p.m. ET, just as US markets close. A number of lawmakers and industry executives have been invited to attend, according to a person familiar with the planning. Under debate is not only the plans themselves, but what Trump hopes to achieve from them. He has pointed to tariffs both to reorient global trade and as a negotiating tactic, and his aides have also said they will also be revenue raisers to offset planned tax cuts. Update: Date: Title: China, Japan and South Korea plan joint response to Trump's tariffs, Chinese state media says Content: China, Japan and South Korea will respond to President Donald Trump's looming tariffs in lockstep, Chinese state broadcaster CCTV said Monday. The three Asian countries held economic talks on Sunday for the first time in five years, vowing to bolster fair trade and strengthen economic ties among them — just days before the United States announces sweeping tariffs on all trading partners. On Wednesday, Trump will unveil wide-ranging tariffs that match the ones foreign countries impose on the US, so-called reciprocal tariffs. Long-time US allies, such as South Korea, won't be spared, Trump has said. 'South Korea's average tariff is four times higher,' Trump said earlier this month in his joint address to Congress. 'Think of that: four times higher. And we give so much help militarily and in so many other ways to South Korea, but that's what happens.' Meanwhile, Trump has renewed trade tensions with China, levying 20% duties on the country, on top of the tariffs he already imposed in his first term. China has responded swiftly to Trump's tariffs, imposing 15% duties on chicken, wheat, corn, and cotton imports from the US. Update: Date: Title: Stock futures slide as investors brace for tariffs Content: US stock futures were lower Wednesday morning ahead of President Donald Trump's 'Liberation Day' tariffs, set to be unveiled at 4 p.m. ET. Dow futures were lower by 311 points, or 0.74%. S&P 500 futures fell 0.95%. Futures tied to the Nasdaq 100 slid 1.15%. Stocks are coming off two volatile sessions this week. The S&P 500 on Monday sank as much as 1.65% in the morning before fluctuating and closing 0.55% higher. The index on Tuesday fell 0.95% in the morning but closed 0.38% higher. Wall Street is eager for a boost in markets on more clarity about Trump's tariffs, though some investors acknowledge that uncertainty might linger beyond this afternoon's announcement. 'We would anticipate not getting answers to everything [today],' said Tom Hainlin, national investment strategist at US Bank Wealth Management Group. Hainlin said there's still uncertainty around retaliatory tariffs from other countries and whether the Trump administration could shift its policy. 'Tariff and counter tariff concerns continue to dominate markets,' said Mohit Kumar, chief economist and strategist for Europe at Jefferies, in a Tuesday note. Update: Date: Title: Your questions, answered: What is a tariff? Content: In response to our call-out asking for any questions you may have about tariffs, we've received a question from one of you: what is it? Let us explain! Simply, a tariff is a tax on goods coming from another country. It's typically structured as a percentage of the value of the import and can vary based on where the goods are coming from and what the products are. Domestic businesses that import products into the country pay the tariffs up front, with the actual transaction taking place at the 328 points of entry into the US designated by Customs and Border Protection to take in imports, including airports, railways, roads and ports. At those ports of entry, CBP agents collect tariff revenue from the domestic businesses importing the products, which is calculated based on how the merchandise is classified and where it came from, said Ted Murphy, a lawyer at Sidley Austin who specializes in advising businesses on customs compliance issues. Update: Date: Title: What we know so far about "Liberation Day": Nothing, pretty much Content: President Donald Trump says today is 'Liberation Day' and has floated a number of ideas, proposals and plans ahead of his 4 p.m. ET Rose Garden announcement. The truth is we don't really know what to expect today. Sources with knowledge of the president's plans tell CNN Trump may not finalize his plans until right before the announcement. That uncertainty has upended stock markets, consumer sentiment and business' hiring, because it's hard to make a financial decision when you don't know what's coming down the pike. Despite Trump and his advisers publicly suggesting multiple proposals — including reciprocal tariffs, taxes on particular products and even across-the-board tariffs — we don't know which if any (or all) of those plans Trump will enact, or whether there will be any exemptions, exceptions, carve-outs, or granularity in the plan that could significantly affect the impact of the tariffs that will be implemented. Trade policy is extraordinarily complex. For example, if we get reciprocal tariffs, will the United States match the complex tariff schedules for literally every single product imported from every nation? Or will America tax particular products or certain nations? Will the United States match graduated tariffs that increase based on import targets? We may get some clarity today. We may not. We'll find out at 4 p.m. ET. Watch CNN's Alayna Treene's reporting on the announcement: President Donald Trump is set to announce the details of his tariff plan at 4 p.m. ET, as he aims to redraw economic agreements with US trading partners. CNN's Alayna Treene reports from the White House. Update: Date: Title: Do you have questions about today's expected tariffs? We're here to help Content: Welcome to our coverage of what President Donald Trump has dubbed 'Liberation Day,' which is redrawing economic agreements with the US's trading partners. While the details of the new levies remain unclear, Trump has teased everything from reciprocal tariffs on all countries to the enactment of delayed 25% tariffs on Mexico and Canada. There will be a lot of news to sort through today as we learn more details about the expected tariffs, and we'll be working to unpack exactly what these policies will mean for American consumers (and their wallets). If you have any questions about the tariffs, let us know in the form below. We're bringing you the latest responses and reactions throughout the day right here. Update: Date: Title: Most Americans think tariffs are negative for the US economy, a new poll finds Content: Many Americans say tariffs hurt the nation's economy and they expect President Donald Trump's policies to increase inflation, according to a new Marquette Law School poll released this morning. A 58% majority say they think that, in general, imposing tariffs on products imported from other countries hurts the US economy, with 28% saying it helps, and 14% that it doesn't make much difference. The survey didn't ask about Trump's specific plans for tariffs, details of which have remained largely up in the air. Fifty-eight percent also say they think Trump's policy proposals will increase inflation, with 30% saying they expect them to decrease it, and 12% expecting them to have no effect. The poll puts Trump's overall job approval at 46%, with 54% disapproving, roughly on par with other recent polling. The Marquette Law School poll was conducted from March 17 to 27 and surveyed 1,021 US adults, using the SSRS Opinion Panel, a nationally representative online panel. Results among the full sample have a margin of sampling error of +/- 3.5 percentage points. Update: Date: Title: "I'm not sure we're going to be liberated from all the uncertainty," investor worries Content: Wall Street is desperate for clarity on tariffs as President Donald Trump prepares to lay out his 'Liberation Day' trade strategy on Wednesday. 'We need the rules of the game, but we don't even know what the playing field is. Is it a soccer pitch, a basketball court or a ping pong table?' Liz Ann Sonders, chief investment strategist at Charles Schwab, told CNN in a phone interview. Trade war fears and confusion have rocked markets for weeks. US stock futures are pointing to a modestly lower open on Wednesday, hours before Trump's Rose Garden event on tariffs. 'I'm not sure we're going to be liberated from all the uncertainty,' Sonders said. The Schwab executive said that even once the broad trade plan is announced, key questions will remain, including how consumers and businesses will react, what happens to inflation and what the Federal Reserve will do in response. Still, market veterans told CNN said that if Trump announces tariffs short of the worst-case 20% universal tariff, US stocks could experience a short-term relief rally. 'Better or worse often matters more than good or bad when it comes to short-term market reactions,' Sonders said. Art Hogan, chief market strategist at B. Riley Wealth Management, told CNN that Wall Street is bracing for a 'sledgehammer, not a scalpel' on 'Liberation Day.' He said investors have been frustrated by the 'haphazard' way tariffs have been rolled out by Trump. 'It seems like they're making the rules up as they go along, and that's probably not far from reality,' Hogan said. Update: Date: Title: China says Beijing would "counterattack" if the US continues to engage in tariffs-related "blackmail" Content: Chinese Foreign Minister Wang Yi said in comments published Tuesday by state broadcaster CCTV that Beijing would 'counterattack' if the US continues to engage in 'blackmail' over tariffs. ''America First' should not be American bullying, and it should not build its own interests on the basis of damaging the legitimate rights and interests of other countries,' he was quoted as telling RT, a state-owned Russian news group. Update: Date: Title: What to expect on "Liberation Day" Content: For weeks, President Donald Trump has promoted April 2 as 'Liberation Day' in America, when a number of massive tariffs will be announced to fulfill the administration's ambitious economic agenda. Trump is set to unveil his tariff plan at 4 p.m. ET on Wednesday in the first Rose Garden event of his second term, White House press secretary Karoline Leavitt said Tuesday. He posted on Truth Social this morning, previewing his afternoon announcement, saying, 'IT'S LIBERATION DAY IN AMERICA!' 'This is obviously a very big day,' Leavitt said. 'He is with his trade and tariff team right now, perfecting it to make sure this is a perfect deal for the American people and the American worker.' Leavitt said it is ultimately up to Trump to decide what tariffs to impose. He and his advisers have contradicted themselves over the past days and weeks as they have tried to set expectations about what would be announced on April 2. 'He has a brilliant team of trade advisers,' Leavitt said Monday, listing Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, US Trade Representative Jamieson Greer, trade adviser Peter Navarro, senior aide Stephen Miller and Vice President JD Vance. Update: Date: Title: Markets are jittery ahead of tariff rollout Content: President Donald Trump's tariff proposals have kept investors in a cloud of uncertainty, and stocks after coming off a dismal first quarter. The S&P 500 fell 4.6% across the first quarter, recording its worst start to a year since 2022 and its worst quarter since September 2022. The Nasdaq Composite fell 10.4% across the first quarter, posting its worst start to a year since 2020 and its worst quarter since June 2022. The US dollar index, which measures the dollar's strength against six foreign currencies, is down almost 4% this year, its worst start to any year since 2016. That's because traders had expected Trump to usher in a pro-business boom, enabling the stock market to continue its historic run. But his commitment to an economic agenda that prioritizes tariffs has left investors perplexed. 'The uncertainty level is still high, and nobody really knows what to expect,' said Thomas Martin, a senior portfolio manager at Globalt Investments.
