American President has followed through on his threat to impose an additional 50% tariff on China after they imposed reciprocal tariffs on American goods. Beijing has vowed to “fight to the end” in its trade war with Washington.
As China makes a third of the world’s goods, this will have a massive effect on the price of goods for US consumers and cause yet more pressure on US households.
Businesses are also complaining that bringing back a lot of production to the US is impossible. There are not the supply chains, knowledge or workers. You can’t spin up a sophisticated factory in a matter of weeks, and businesses will be reluctant to make long-term capital decisions in some volatile climate.
Meanwhile, markets around the world continue to crash. Americans can see their retirement accounts getting hit hard.
The only hope seems to be a US voter backlash when they see how much they have lost and how much extra they will be paying for their shopping.
Meanwhile, Ireland should be nervous about his tariff plans on pharmaceuticals:
And at the end of the day, it’s all about HIM and attention seeking. At the same speech last night:
May we live in interesting times eh?
Managing Editor of Slugger O’Toole. I help to manage Slugger by taking care of the site as well as running our live events. My background is in business, marketing and IT. My politics tend towards middle-of-the-road pragmatism; I am not a member of any political party. When not stuck in front of a screen, I am a parkrun Run Director.
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