Donald Trump plans to introduce major tariffs that could have a significant impact on trade and the United States (US) economy.
The tariff will impose a 60% charge on goods from China and at least a 10% fee on imports from other countries.
US farmers expressed concern because during the 2018-2019 trade war, US farm products were hit with retaliatory tariffs, and China began buying from other countries such as Brazil and Argentina, leading to losses for American farmers.
Experts agree that these tariffs could make US products more expensive and lead to higher costs for families, with an estimated loss of household income of up to $7,600 annually if extreme measures are implemented.
This will increase inflation and disrupt supply chains, creating uncertainty for businesses.
While Trump has argued that tariffs will boost manufacturing and revenue, many economists say the costs fall on US importers, and in turn affect consumers.
On the other hand, some studies suggest that a 10% universal tariff may not raise prices significantly and may even create jobs if paired with tax cuts.
Still, the overall concern is that aggressive tariffs could hurt US-China trade and draw harsh responses from other countries.
