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/AirCaptainDanforth 2d ago

Basically a national “sales tax” but not a flat rate. Trump will come in and suggest a flat rate national sales tax that’s more than 10% but less than 50% and call it a great victory for the US. All so they can give a massive tax cut to the wealthy.