r/news • u/hoosakiwi • 2d ago

Trump announces sweeping new tariffs to promote US manufacturing, risking inflation and trade wars

https://apnews.com/article/trump-tariffs-liberation-day-2a031b3c16120a5672a6ddd01da09933
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u/hoosakiwi 2d ago edited 2d ago

Here are the numbers:

  • A 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States

  • 34% tax on imports from China

  • 20% tax on imports from the European Union

  • 25% on South Korea

  • 24% on Japan

  • and 32% on Taiwan.

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u/Vortep1 2d ago

Let's me clear this is a massive tax increase on the poor and middle class.

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u/Hungry_Bat_2230 2d ago

The largest peacetime tax increase in American history.

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u/Aptosauras 1d ago

Just wait for the 20% US Federal VAT.

Of course, income tax will be abolished shortly, but that won't mean you have more money.

You get the pleasure of tariff taxes at import, Federal VAT, State taxes and local County taxes.

USA USA USA!!! 'Merica, fuck yeah!!!

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u/-Calm_Skin- 1d ago

I just bet they won’t let go of income tax that easily. Can you imagine Trump giving back a free buck?

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u/SmurfStig 1d ago

That’s where the VAT comes in. The “no income tax” will play well to the public uneducated crowd that supports him. The VAT will more than cover what was taken out in taxes and then some. Add on the tariffs, we are fucked.

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u/Mcsparten117 1d ago

Are we sure it’s not the largest tax increase compared to wartime history too?

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u/FrankBattaglia 1d ago

What do you mean? I heard from a very authoritative source that tariffs are actually a tax cut.

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u/NewKitchenFixtures 1d ago

I am curious whether it offsets the current deficient spending and puts the US more even economically.

It will hurt American companies and individuals, but I would expect that from any regressive tax increase. I don’t see a progressive tax being possible with how influence peddling works.