“President Donald Trump announced Wednesday that he will impose a baseline 10 percent tariff on imports from all countries in the coming days, with a higher tariff on dozens of other countries the United States believes have the most unfair trade relationships with the U.S.”
…
“The tariffs that Trump detailed Wednesday mark the most significant U.S. protectionist trade action since the 1930s, when Congress imposed tariffs on more than 20,000 goods and dug the U.S. economy deeper into the Great Depression.”
…
“The new duties include a 34 percent tariff on China, 26 percent on India, 25 percent on South Korea, 24 percent on Japan and 20 percent on the 27-nation European Union, whose largest members are Germany and France.
The administration also slapped a 46 percent tariff on Vietnam and a 49 percent tariff on Cambodia — a blow to China, which has shipped goods through those and other countries to effectively skirt previous rounds of U.S. tariffs imposed over the past seven years.
That comes on top of a second executive order Trump signed Wednesday eliminating the “de minimis loophole” for small-dollar packages worth under $800 from China and Taiwan, starting on May 2. The loophole has been used by Chinese companies like SHEIN and Temu to deliver billions in goods to the U.S.”
…
“economists warn that the tariffs are almost certain to drive up prices for everyday goods imported from abroad — from fruits, vegetables and other food products to clothing, toys, cell phones, laptops, sporting equipment and countless other consumer products. The tariffs also will hit machinery and other manufactured goods, along with the raw materials and parts used to make things like cars and build houses in the United States.”
“Prime Minister Mark Carney said Canada will impose “carefully calibrated and targeted counter tariffs” on the United States in response to President Donald Trump’s “Liberation Day” tariffs.
Carney said Canada will counter with 25 percent tariffs on all vehicles imported from the United States that are not compliant with the United States-Mexico-Canada Agreement and on the non-Canadian content of USMCA-compliant vehicles from the United States.
But Carney said that unlike Trump’s tariffs, Canada’s countermeasures will not affect auto parts “because we know the benefits of our integrated production system.” All other previously announced Canadian countermeasures to Trump’s previous threats will remain, Carney said.
Carney said Trump’s global reciprocal tariffs have ended 80 years of American global economic leadership that started after World War II.”
“President Donald Trump’s sweeping tariff regime will completely transform America’s economic relationship with the rest of the world, all in the name of revitalizing domestic manufacturing.
And yet, many businesses won’t be rushing to shift their supply chains to U.S. shores.
For all the detail in Trump’s Wednesday announcement, his endgame is still shrouded in confusion. That’s lethal for long-term investment, making confident planning all but impossible.”
…
“I’ve asked multiple corporate executives in recent weeks whether companies are likely to start investing in manufacturing in the United States in response to Trump’s policies, and the message has basically been: That’s an unanswerable question right now. Because making those decisions requires understanding the relative costs of doing it versus not doing it, and Trump is far too unpredictable to allow for that kind of calculation.”
“Although the United States has the power to seriously disrupt economic life in other countries, the book argues, the consequences don’t always serve American interests. Sanctions hurt the prosperity and political standing of Iran’s pro-American middle class the most. They also make the government more paranoid and remove important incentives to play nice. Everyone seems worse off.
The U.S. has tried to wash its hands of the policy’s consequences for ordinary Iranians, blaming their poverty on domestic “corruption and economic mismanagement” rather than on sanctions. But the data are clear. The Iranian economy was booming from 1988, the end of the country’s war with Iraq, to 2011, the beginning of former President Barack Obama’s intensified sanctions campaign.
Obama’s innovation was secondary sanctions. As the flow of direct American-Iranian trade shrunk, the U.S. Treasury’s Office of Foreign Assets Control punished companies in other countries that dealt with Iran. The Iranian economy became more or less radioactive, as any bank in the world that handled Iranian money and any shipping company that handled Iranian oil risked the wrath of the U.S. government.
Then Obama made a deal, lifting the sanctions in 2015 in exchange for restrictions on Iran’s nuclear program. Trade resumed and foreign investment flowed back in—until Trump reimposed sanctions in 2018. (Despite Trump’s claims to the contrary, former President Joe Biden continued to enforce the same sanctions.) Iran has since come closer to building a nuclear bomb, and it has had more confrontations with the U.S. military.”
““I think we are making a mistake,” Vance wrote in the Signal chat, later published by The Atlantic. Vance argued that although Trump wanted to send a message with the strikes, “I am not sure the president is aware how inconsistent this is with his message on Europe right now.” He did say, though, that he was “willing to support the consensus of the team and keep these concerns to myself,” but went on to say “there is a strong argument for delaying this a month.”
Minutes later, White House deputy chief of staff Stephen Miller shut down the conversation, writing, “As I heard it, the president was clear.””
…
“The senior Republican official added: “It’s one thing to have a healthy interagency debate before a decision is made. It’s another to try and undo a Commander-in-Chief decision once Trump gives the execute order. This is the latter, and it’s very [John] Bolton-esque.”
Some Republicans believe Vance raising questions about an action the president had already agreed to amounted to a form of obstruction, the same senior Republican official said.”
“The “Buy Canadian” movement is sending new ripples of concern through the executive offices of U.S.-based consumer companies that banked on selling their products on Canadian retail shelves.”
“Canada’s traditional relationship with the United States is over, Prime Minister Mark Carney said Thursday in response to President Donald Trump’s potentially crippling auto tariffs.”
…
” “The old relationship we had with the United States, based on deepening integration of our economies and tight security and military cooperation, is over,” Carney said on Parliament Hill after breaking from the federal campaign trail on Wednesday night in the face of Trump’s latest threats.
“We must fundamentally reimagine our economy. We will need to ensure that Canada can succeed in a drastically different world.”
…
“Ford said he also spoke to Carney and they agreed Canada would follow through on its full tariff retaliation, if necessary. Ottawa has said it would be ready to respond with up to C$155 billion in retaliatory tariffs on U.S. products.”
…
“Mexico, Canada and South Korea have duty-free access to the U.S. auto market under the terms of free trade agreements that Trump renegotiated during his first term in office.”
…
“The United States imported $214 billion worth of passenger cars in 2024, according to U.S. Commerce Department data. Trump said the U.S. would start collecting the new duties on cars and light trucks on April 3”
Putin’s invasion of Ukraine roused the Japanese people, making them fear more than they have previously and increase their support for militarization. If Russia invades Ukraine, China may likewise attack.