Tariffs, tariffs, tariffs!
The White House announced expansive tariffs as part of Trump’s “Liberation Day” announcement, with a minimum baseline of 10%.
Live updates on President Trump’s “Liberation Day” tariff announcements have ended, but keep reading for everything you need to know about the White House’s economic plans.
Treasury secretary believes retirement savings plans will be ‘fine’ in wake of Trump tariffs
Treasury Secretary Scott Bessent believes the retirement savings plans will be “fine” after President Trump’s reciprocal tariffs go into effect.
“I think it’s going to be fine if we put the best economic conditions in place,” Bessent told Fox News “Special Report” host Bret Baier, when asked what he would say to worried 401K holders.
The Treasury secretary further argued that recent declines in the stock market are not because of Trump administration policies.
“In my old job, I was a market commentator, and I’m trying not to do that now, but if you, but if you go back and look, the stock market actually peaked on the Deep Six Chinese AI announcement,” Bessent said. “So, a lot of what we’ve seen has been just an idiosyncratic tech sell off.”
“I would say it’s been a Mag 7 problem, not a MAGA problem.”
Treasury secretary warns countries on Trump’s tariff list: ‘Do not retaliate’
Treasury Secretary Scott Bessent warned countries hit with President Trump’s reciprocal tariffs Wednesday to not “retaliate” against the United States.
“My advice to every country right now is do not retaliate,” Bessent told Fox News “Special Report” host Bret Baier.
The Trump administration official argued that countries should “sit back, take it in” and “see how it goes.”
“If you retaliate, there will be escalation,” Bessent warned. “If you don’t retaliate, this is the high water mark.”
Trump axes duty-free ‘de minimis’ exception that helped Temu and Shein dominate market
President Trump today signed an executive order removing duty-free “de minimis” exemptions for low-value imports from China and Hong Kong, a move the White House says will target the illicit trafficking of synthetic opioids into the United States.
Imported goods valued at or below $800 shipped through non-postal means will now face applicable tariffs while postal packages will be subject to a duty of either 30% or a flat fee per item beginning May 2.
The de minimis exemption benefits foreign retailers, especially from countries like China including e-commerce upstarts Temu and Shein, by allowing them to ship low-value goods to US consumers without paying import duties — giving them a pricing edge.
It also helps American consumers and small businesses access cheaper products, but critics say it undercuts domestic companies and can be abused to avoid tariffs or smuggle illicit items.
In a statement, the White House said that Trump aims to counteract China’s role in the opioid crisis as Chinese shippers frequently exploit loopholes by concealing fentanyl and other harmful substances in low-value shipments.
Uncertainty from tariff negotiations could ‘challenge Americans, the stock market’: expert
President Trump’s tariff announcement may have quelled markets in the short term – but the possibility of ongoing negotiations could continue to fuel shakiness on Wall Street, according to an investment adviser.
“If we continue a retaliatory tariff war, it almost guarantees the short-term certainty of uncertainty and that will be challenging Americans, the stock market and business owners around the country,” Ted Jenkin, president of Exit Wealth Advisors, told The Post.
But the revenue generated from the taxes “will most certainly be a bargaining chip at the table of tax cut discussions,” he added.
It will take time before the impact on US investment and manufacturing becomes clear, he said.
Tonka trucks, Care Bears and other toys will get more expensive due to tariffs on China: CEO
Toy makers are expecting to jack up prices on favorites like Tonka trucks and Care Bears after President Trump announced that China would be slapped with a 34% tariff on exports.
Jay Foreman, the CEO of Basic Fun, said that could mean that the current $29.99 price for a Tonka Mighty Dump Truck will skyrocket to $44.99.
In January, when the tariff on Chinese goods was 10%, the Boca Raton, Fla-based company was able to negotiate deals with its factories and retail customers to avoid raising consumer prices.
“We are once again paralyzed as this seems poised for further negotiations,” Foreman told The Post.
China produces about 80% of toys sold in the US.
Trump tariffs announcement are ‘positive’ because Wall Street now has ‘certainty’: economist
President Trump’s reciprocal tariffs are a “positive” for Wall Street because investors who have already priced in “the bad news” now at least have “certainty” about what to expect, according to a top economist.
While tariffs in and of themselves are not good, the markets can now proceed without having a cloud of uncertainty hanging over them, Dr. Sung Won Sohn, a distinguished economist and academic who teaches at Loyola Marymount University, told The Post.
“In terms of the market, I think it’s positive — not because tariffs are positive,” Sohn said.
“Assuming he doesn’t change [his mind], there’s some certainty, so we know what is in store. We know what to expect.”
Sohn said that the markets “can handle bad news, but not uncertainty.”
“We’ve been experiencing uncertainty, and that’s one of the reasons the market has not been doing well,” the distinguished academic said.
Sohn said that Trump revealed little during his remarks in the Rose Garden on Wednesday.
“Other than the details, nothing is new, so the bad news is already [priced] in the marketplace,” he said.
“But as I said, we have some certainty. Once we have certainty—even if it’s bad certainty—we can deal with it.”
Sohn disagrees with naysayers that the US economy is on the brink of a recession.
“I don’t expect the economy to go into a recession because of that, even though inflation would go up and economic growth will slow a bit,” he said.
Sohn said that stocks “have been overvalued to begin with, so if you’re investing long-term, it’s a good time to buy.”
“If you’re more short-term or more fully invested, I would wait a bit until the market settles down.”
Canada and Mexico escape Trump’s latest tariffs — but still subject to earlier hike
Canada and Mexico skirted by being hit by President Trump’s tariff announcement.
The two countries — although criticized by Trump for having big deficits with the US — were not listed on the chart showing countries hit by the “Liberation Day” order.
That’s because Canada and Mexico are subject to the “national emergency related to fentanyl and migration” tariff regime, senior White House officials said before Trump’s remarks.
The 10% baseline tariff Trump announced on all countries would only kick in for Canada and Mexico once the 25% tariff rates on them are dropped.
Wall Street ‘bloodbath’ expected due to ‘Armageddon-like’ tariffs
President Trump’s across-the-board reciprocal tariffs are “worse than the worst case scenario” — which will likely trigger a “bloodbath” when the markets open on Thursday morning, according to a senior analyst.
Dan Ives, managing director and global head of technology research at Wedbush Securities, told The Post that Trump’s newly announced levies on Asian trading giants do not bode well for the US economy.
“It’s worse than the worst case scenario,” Ives told The Post on Wednesday after Trump announced the tariffs at a Rose Garden news conference.
“The China and the Taiwan tariffs are the backbreakers and that will change the pricing of electronics and consumer goods in the US for years to come.”
Ives said he would “expect a bloodbath in terms of the market reaction because it’s much worse than expected.”
“The worries about more inflation and slower growth are going to be rampant” among investors, according to Ives, who added: “The new tariffs, especially in the automotive sector, are going to be Armageddon-like.”
White House releases new tariff schedule after Trump’s ‘Liberation Day’ announcement
Trumps wraps speech, signs tariff mandate
President Trump signed the tariff mandate at a desk in the Rose Garden, holding up the document to applause.
He then handed pens to be passed around before walking into the West Wing.
White House officials say first round of tariffs will go into effect on April 5
The baseline 10% tariff will go into effect April 5, senior White House administration officials told reporters before President Trump’s announcement.
“The baseline 10% will go into effect on April 5 at 12:01am, and with respect to the higher reciprocal rates, they will go into effect on April 9 at 12:01am,” an official said in a phone call.
Stocks drop after hours as Trump imposes sweeping tariffs
The stock market took a hit in after-hours trading following President Trump’s announcement of broad new tariffs starting at 10%, with steeper rates targeting select nations.
The SPDR S&P 500 ETF Trust, which mirrors the performance of the S&P 500, dropped roughly 2% after the news.
Meanwhile, the Invesco QQQ ETF, tied to the Nasdaq-100 Index, declined by about 2.6%.
Stocks that have already been under pressure in recent weeks due to escalating trade tensions extended their losses Wednesday evening.
Notably, shares of Nvidia and Tesla each slipped around 3%.
Here is the full chart showing countries impacted by Trump’s reciprocal tariffs
Here is the lengthy chart showing all the countries impacted by President Trump’s reciprocal tariff announcement:
The president announced a 10% baseline tariff and higher rates for countries who are the worst offenders of trade imbalances.
Trump to impose 25% tariffs on imported automobiles, car parts
President Trump reiterated on Wednesday that he plans to impose 25% tariffs on imported automobile and auto parts.
The tariffs on cars will take effect tomorrow while the levy on parts from Canada and Mexico will kick in no later than May 3.
Trump’s reciprocal tariffs are ‘good news’ for Wall Street: analyst
Wall Street can “finally take a rest and have some more clarity” following President Trump’s announcement of reciprocal tariffs on Wednesday, according to an analyst.
“We have come to the tariff deadline day, and the news that has been truly ravaging the market every day for a couple of months can finally take a rest and have some more clarity, and that is why we are seeing the action we are,” Ken Mahoney, chief executive of Mahoney Asset Management, told The Post.
Markets may have “liked to hear that there could be different tranches of tariffs for different countries and different products, as the expectation may have been a 20% blanket tariff on most imports. So this acts as good news for once, which we really have had none of, and it was possible that the market was pricing the worst case scenario already and that is what gives way to the bounce as well.”
Trump announces 10% baseline tariff on foreign imports
President Trump said there will be a 10% baseline tariff on countries bringing imports to the US.
“We will establish a minimum baseline tariff of 10%,” he said in the Rose Garden.
The baseline will help “rebuild our economy” and will help “prevent cheating,” Trump added.
Wall Street economist says markets likely to breathe sigh of relief on Thursday: ‘This is not the worst-case scenario’
A Wall Street economist predicted on Wednesday that the markets will breathe a sigh of relief when trading opens on Thursday morning.
Thierry Wizman, an economist and strategist who specializes in global foreign exchange and rates at the Macquarie Group, told The Post: “I do not think the markets are going to react that terribly tomorrow. This is not the worst-case scenario, which would have been a 20% global tariff across the board.”
Wizman said that “there will be some exceptions here, and the point is that we are making a discrimination between (different) countries that will form a basis for bilateral negotiations.”
“I know that in Trump’s mindset, he doesn’t think the tariffs will cause inflation. But Main Street has already concluded this will cause inflation,” he said.
“Expectations of inflation have hopped in the last two months. The only explanation for that is the tariffs.”
Trump announces ‘kind reciprocal tariffs’ on specific countries
President Trump announced specific tariffs on products coming from the worst offenders of trade imbalances.
The new tariffs won’t be a “full reciprocal” he said, and instead will be “approximately half” of what the foreign countries levy on the US.
The president said the US will impose a 34% tariff on China, a 20% tariff on the European Union, a 46% tariff on Vietnam, a 32% tariff on on Taiwan, a 24% tariff on Japan, a 26% tariff on India, a 25% tariff on South Korea, a 36% tariff on Thailand, a 31% tariff on Switzerland, a 32% tariff on Indonesia, a 24% tariff on Malaysia — and more in a large chart of countries.
He said the tariffs could be dropped to zero — but only if the countries move their facilities to the US.
Trump hammers specific countries for trade imbalances
President Trump critiqued specific countries for having trade deficits with the US at the top of his speech.
He mentioned Australia’s tariff on American beef, the high US rice tariffs of China, Japan and South Korea, the deficits with Canada and Mexico, as well as tariff rates from Vietnam, Thailand and the European Union.
Trump says previous trade imbalances were ‘national security risk’
President Trump called the previous trade imbalances with foreign countries a “national security risk.”
He specifically called out America’s 2.5% tariff on foreign made vehicles, reiterating he will impose a 25% tariff on all foreign made autos starting at midnight.
Trump had announced the auto tariff before, arguing it will boost American manufacturing.
Trump says American workers have been ‘ripped off’ by foreign leaders
President Trump began his remarks by saying American workers have been “ripped off” by foreign leaders — “but it’s not going to happen anymore.”
“Now it’s our turn to prosper,” Trump said of his soon-to-be-announced reciprocal tariffs.
“Jobs and factories will come roaring back to our country,” he went on, promising “lower prices for consumers.”
Trump walks out on stage to announce ‘Liberation Day’ tariffs
President Trump came out to unveil his announcement on sweeping tariffs at the White House Rose Garden.
The president is joined by workers from the steel, oil and gas industry, as well as truck drivers and other American workers the Trump administration says will benefit from the global reciprocal tariffs.
‘Markets feel like they are on a razor’s edge,’ hedge funder says
The questions swirling around the extent of President Trump’s reciprocal tariffs has Wall Street on edge, according to a well-heeled Manhattan-based money man.
“The amount of economic uncertainty as is measured is so massive now that markets really feel like they are on a razor’s edge,” said one top New York hedge funder who spoke to The Post on the condition of anonymity.
Here’s a list of countries that place tariffs on US products
President Trump’s plan to impose tariffs on global imports is intended to level the playing field, according to the administration. Here’s a concise summary of countries placing tariffs on US products.
- Argentina: Average tariff rate of 22% (since 2019).
- Australia: 10% Goods and Services Tax (GST) on low-value imported goods.
- Brazil: Complex taxes including Import Duty, Industrialized Product Tax, Merchandise and Service Circulation tax, and various smaller cumulative taxes.
- Canada: Low de minimis threshold (CAD $40 for taxes, CAD $150 for duties), creating barriers especially for online and small-value sales.
- China: Average Most-Favored-Nation (MFN) tariff rate of 7.57%, with complex variations by product.
- European Union: Average MFN rate of 5.2%; higher on specific goods (26% fish, 22% trucks, 10% vehicles, etc.). Value Added Tax (VAT) of 20% applied uniformly and not considered a tariff.
- India: Average tariff of 17%, varies significantly by product.
- Indonesia: Tariffs exceeding WTO bound rates, particularly 10% on ICT products, 5% on computer servers.
- Japan: Low average MFN tariff rate of 4.3% overall; 15.5% agricultural, 2.5% non-agricultural.
- South Korea: 10% VAT on all imports plus 10–20% excise tax on luxury/durable goods.
- Malaysia: Average tariff of 6.1% for industrial goods, significantly higher for alcohol, wine, poultry, pork; Sales and Services Tax (SST) at 5–10%.
- Mexico: Generally no tariffs due to USMCA, though specific exceptions may apply.
- Russia: Tariffs largely irrelevant currently due to geopolitical factors; trade significantly reduced (90% drop post-2021).
- Saudi Arabia: GCC common tariff of at least 5%; higher rates applied selectively on processed food imports.
- South Africa: Uniform VAT rate of 15% on nearly all imports.
- Switzerland: Low tariffs averaging 1.7%; high agricultural tariffs (average 30.4%, dairy 137.7%).
- Taiwan: Average nominal tariff of 6.34% overall (4.13% industrial, 15.06% agricultural).
- Thailand: Average MFN tariff 11.5%; higher for agriculture (31.2%) and significantly high tariffs on automobiles, wine (effective burden nearly 400%), textiles, etc.
- Turkey: Average 5% MFN tariff on industrial goods; significantly higher tariffs on agricultural and processed goods (up to 70% additional tariff on U.S. spirits/liquors).
- United Kingdom: 20% VAT generally, reduced rates (5%) for selected products, 0% on food and children’s clothing; duties vary by product.
- Vietnam: Most tariffs at 15% or less; recently increasing tariffs selectively on products competing with local production.
Former Treasury Secretary compares Trump tariffs to ‘oil-price spike’
Former Treasury Secretary Lawrence Summers is warning that the impending tariff increases proposed by the Trump administration could trigger a significant economic shock similar to an oil crisis.
Summers said that the tariffs would act like a “supply shock” which would reduce the economy’s production capacity while simultaneously hiking inflation and unemployment.
“This is the kind of thing you discuss in the way we would usually discuss an oil-price spike or earthquake or a drought, as a supply shock,” Summers told Bloomberg Television’s “Wall Street Week with David Westin” on Wednesday.
He emphasized that the real uncertainty is “mostly how much damage is going to be done.”
President Trump’s expected reciprocal tariffs follow existing levies, including 25% duties on steel and aluminum, substantial tariffs on Chinese imports and additional duties on Canadian and Mexican products.
Summers, a former Harvard president who served in the Clinton and Obama administrations, stressed that the tariffs would initially elevate consumer prices.
He predicted that they would eventually lead to broader economic setbacks such as reduced employment and diminished investment.
Summers added that these tariffs, particularly on steel and aluminum, raise costs for American industries relying on these materials, thus “reducing the competitiveness of the producers.”
Summers criticized Trump’s strategy, calling it “not even good mercantilism.”
Sen. Rand Paul breaks with Trump on tariffs: ‘Tariffs are a tax’
Sen. Rand Paul (R-Ky.) stood in opposition to President Trump’s incoming tariff announcement hours before the “Liberation Day” remarks began at the White House.
“On many fronts, I’m a supporter of the president. On tariffs, I think it’s economically a fallacy to think it will help the country. Tariffs are a tax,” Paul told The Hill in an interview.
Trump’s former VP Mike Pence’s group rips new tariffs: ‘Largest peacetime tax hike in US history’
A conservative advocacy group headed up by former Vice President Mike Pence is ripping President Trump’s impending tariffs, according to a memo exclusively obtained by The Post, saying that they “will cost American families more than $3,500 per year.”
Citing estimates from Goldman Sachs, the Advancing American Freedom Foundation said the tariff burden on consumers would reach nearly $300 billion annually, making “dream purchases” like cars and homes unaffordable and eliminating “the entire value” of Pence and Trump’s 2017 tax cuts.
“The Trump Tariff Tax is the largest peacetime tax hike in U.S. history,” the memo declared. “These are nearly 10x the size of those imposed during the Trump-Pence Administration.”
“Americans struggling with high prices from the Biden years aren’t feeling liberated by new tariffs,” added Advancing American Freedom President Tim Chapman in a statement.
“Pro-growth policies during President Trump’s first term delivered widely shared prosperity for all Americans — we know what works. Let’s start making things in America again by removing tariff barriers that make it costlier to manufacture in the US and get back to the type of policies that allow families to prosper.”
White House adds 25% tariffs on beer, empty aluminum cans
The White House on Wednesday announced a change to its 25% tariffs on steel and aluminum to include beer and empty aluminum can imports.
Taxes on beer and empty aluminum cans will be collected starting at 12:01 a.m. ET on Friday, the Commerce Department said.
The notice came just hours before President Donald Trump is set to unveil a sweeping package of reciprocal tariffs with the potential to fuel a global trade war. The president is expected to announce the new taxes at 4 p.m. ET during a press conference in the Rose Garden.
The Commerce Department didn’t immediately respond to The Post’s request for comment.
US beer imports exceeded $7.5 billion in 2024, according to US Census Bureau data.
Mexico supplied the vast majority of US beer imports, sending over $6.3 billion worth last year. The Netherlands, Ireland and Canada are also substantial suppliers.
US stocks rebound on soaring Tesla shares
US stocks started to rebound Wednesday afternoon just hours before President Donald Trump’s announcement on reciprocal tariffs.
The S&P 500 jumped 0.4%, the Dow Jones crept up 0.3% and the Nasdaq 100 rose 0.6% by about 2 p.m. ET.
A turnaround in Tesla shares helped lead the rally. The stock had fallen nearly 5% earlier on Wednesday after the electric vehicle maker reported disappointing first quarter deliveries.
But shares were up 5.5% by Wednesday afternoon following a report that Elon Musk is expected to leave his role overseeing the White House’s cost-cutting DOGE task force soon.
Tesla investors had feared the government position was cutting into Musk’s time running Tesla, and wreaking havoc on the carmaker’s brand as left-leaning protesters against the DOGE cuts lit vehicles on fire, vandalized showrooms and demonstrated outside dealerships across the country.
Trump reaches final decision on sweeping reciprocal tariffs: report
President Trump has made a final decision on the sweeping reciprocal tariff plans set to be unveiled this afternoon, a White House official told CNBC.
Deliberations were reportedly ongoing in the hours ahead of Trump’s planned Rose Garden appearance, when he is set to unveil the new tariffs.
A White House official declined to provide further comment, and pointed The Post to press secretary Karoline Leavitt’s earlier comments on the matter this week.
During a press briefing on Tuesday, Leavitt said Trump “has made a decision and a determination.”
“I was with him in the Oval Office earlier and he is going to announce that decision tomorrow,” she added. “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.”
China cracks down on domestic firms trading with US in bid to gain leverage in Trump tariff negotiations
China is reportedly cracking down on domestic firms doing business in the United States as the world’s two largest economies gear up for an escalation in their trade war.
Regulators in Beijing have been told in recent weeks to hold back on granting approvals for Chinese companies wishing to invest in the US, Bloomberg News reported.
The move is intended to give China more leverage in upcoming negotiations with the Trump administration.
President Trump is scheduled to flesh out his plan to impose far-reaching tariffs during a news conference from the White House Rose Garden on Wednesday afternoon.
China is reportedly cracking down on domestic firms doing business in the United States as the world’s two largest economies gear up for an escalation in their trade war.
Regulators in Beijing have been told in recent weeks to hold back on granting approvals for Chinese companies wishing to invest in the US, Bloomberg News reported.
The move is intended to give China more leverage in upcoming negotiations with the Trump administration.
President Trump is scheduled to flesh out his plan to impose far-reaching tariffs during a news conference from the White House Rose Garden on Wednesday afternoon.
Liberation Day tariffs could be negotiated lower, Treasury chief tells lawmakers
The tariffs unveiled on Wednesday likely won’t be raised any further, and could be negotiated lower, Treasury Secretary Scott Bessent told lawmakers during a meeting, a source familiar with the discussion told The Post.
Investors, business leaders and consumers have grown fearful that President Trump’s latest group of tariffs could be higher than initially anticipated, posing more inflationary risks.
Some Republican pundits are concerned that higher prices could threaten their re-election campaigns, especially after the economy emerged as a key issue in the 2024 election, according to the Wall Street Journal.
It is unclear whether Trump would abide by this tariff “cap” outlook. The president previously threatened to slap extra taxes on any nation that tries to retaliate with its own reciprocal tariffs.
Trump tariffs could shake ‘the world over,’ says ECB president as Europe braces for impact
Christine Lagarde, president of the European Central Bank, warned the Trump administration’s tariffs will have a negative economic impact “the world over.”
“It will not be good for the global economy, and it will not be good for those who inflict the rates, or those who retaliate,” she said during an interview with Ireland’s Newstalk on Wednesday. “It’s going to unsettle the trade world as we know it.”
Lagarde has previously warned that higher US tariffs could stunt economic growth and reheat inflation.
Many European economies are heavily reliant on their exports, making them particularly vulnerable.
“Europe has not started this confrontation. We do not necessarily want to retaliate, but if it is necessary, we have a strong plan to retaliate and we will use it,” European Commission President Ursula von der Leyen told EU lawmakers on Tuesday.
Foreign industries that export products en masse to the US, like auto and pharmaceutical sectors, are especially concerned.
Canadian leader proposes eliminating tariffs if Trump does the same
Ontario Premier Doug Ford proposed that Canada could drop its tariffs with the US — if President Trump did the same.
“President Trump’s tariffs will put millions of American jobs at risk and raise costs for families across the U.S.,” Ford wrote on X Wednesday, the morning of Trump’s expected tariff announcement.
“I’ll be making the case all day directly to Americans: drop the tariffs and let’s work together to be the richest and safest two countries on the planet.”
Ford said he spoke to US Commerce Secretary Howard Lutnick last week about the tariffs — but Trump is still likely to impose reciprocal tariffs on Canada this afternoon.
How tariffs work
Tariffs are fees imposed by a government on goods and services from other countries. In this case, the tariffs are basically a tax that US companies will pay the federal government when they import certain goods into the country.
The tariff is calculated as a percentage of the good’s declared value before it enters the US, not its retail value.
Money collected from tariffs goes to the Treasury Department.
President Trump has argued his new tariffs could help raise more than $1 trillion for the US government over the next year or so.
Some economists have disagreed, arguing that the tariffs will likely raise prices for consumers — since producers will want to pass along the cost of the taxes — and higher prices could lead to less spending.
In some cases, goods are subjected to tariffs multiple times. This is especially true for the auto industry. Many US automakers, for example, send car parts to Mexico for assembly to take advantage of cheaper manufacturing costs.
If a US automaker gets parts sent from China to the US, and then sends them to Mexico for assembly, those multiple border crossings will result in multiple tariffs.
US stocks slump as investors brace for ‘Liberation Day’
US stocks swung lower in the hours before President Trump’s “Liberation Day” announcement, when he is expected to unveil his latest batch of tariffs.
The S&P 500, Dow Jones Industrial Average and Nasdaq 100 each dipped about 0.2% by around 10 a.m. ET as antsy investors braced for sweeping tariffs.
At 4 p.m. in the White House Rose Garden, Trump is set to reveal his plan for reciprocal tariffs — levies that match a nation’s own tax on the US — targeting all countries.
But Wall Street took a beating earlier this week following a Washington Post report that White House aides drafted a proposal for a 20% across-the-board levy on nearly all imports, which could have a dramatic effect on the economy.
The S&P 500 Index has lost all post-election gains and shed more than $4 trillion in market value as economists warned of inflationary risks, and even a possible recession.
Walmart pushes Chinese suppliers to slash prices over tariffs — despite backlash from Beijing: report
Walmart is continuing to pressure Chinese suppliers to shoulder the costs of President Trump’s tariffs – even after state officials gave the retailer’s executives a dressing-down last month over their demands, according to a report.
The world’s largest retailer is still pushing overseas suppliers to cut their prices by as much as 10%, essentially taking on the burden of the new taxes, people familiar with the matter told Bloomberg.
Walmart did not immediately respond to The Post’s request for comment.
A spokesperson for the retailer told Bloomberg that the company’s conversations with suppliers are all aimed at delivering lower prices to customers.
Trump poised to unveil more tariffs on ‘Liberation Day’ today — here’s what to expect
President Trump is poised to impose his most dramatic batch of tariffs yet — and investors, businesses and shoppers worldwide were still in the dark as they braced for “Liberation Day.”
It’s still unclear exactly what Trump will announce Wednesday in the Rose Garden, where the White House says the president will unveil a plan for trade taxes that could unleash seismic effects across the global economy.
A key possibility is so-called reciprocal tariffs, which would vary country by country depending on local levies, according to reports. Another proposal that White House aides have drafted is to levy tariffs of roughly 20% on nearly all imports, according to a report.
