On Apr. 2, President Donald Trump announced additional tariffs set to begin at midnight the same day, with 25 per cent tariffs on vehicles imported from other countries. Specific to Canada, any Canadian parts of imported cars made outside the U.S. will also be taxed.
Trump also imposed a 34 per cent tax on imports from China and a 20 per cent tax on goods from the European Union (EU). Trump has declared the current situation as a “national economic emergency” and claimed that foreign nations have been using the United States. He wants to restore justice by bringing fairness to international commerce and generating “hundreds of billions of dollars” for the U.S. government.
The EU has imposed retaliatory taxes worth 26 billion euros ($28 billion) on American goods, including bourbon. Trump threatened a 200 per cent duty on European alcoholic beverages in retaliation.
It’s suggested that Trump’s tariffs could cause substantial harm to the U.S. economy and spark a global recession that may cause consumers additional expenses. His announcement has led U.S. stock markets to plummet as an economic slowdown in the future is predicted.
Hello, I’m Gauri Sethi, a passionate staff writer at the Cascade responsible for writing content that resonates with the masses. Currently, I am pursuing business administration, but deep down, I am a person who loves expressing herself through writing.
