#TrumpTariffs

Trump's Tariff Expansion Shakes Global Trade

President Trump has escalated his trade policy by imposing new tariffs of 25–40% on 14 countries, including key allies Japan (25%) and South Korea (25%), effective August 1. This extends the initial July 9 deadline but intensifies pressure for trade concessions .

Businesses worldwide are reeling:

- An Illinois toymaker faces a tariff jump from $2.5M to $100M annually, forcing production shifts to Vietnam and India .

- Canada’s Cluck Clucks chain removed bone-in chicken from menus due to costly U.S.-sourced equipment .

- Spain’s olive oil producers plan to divert U.S.-bound shipments to 33 other markets .

Legal challenges persist, with courts ruling the tariffs illegal, though collections continue during appeals . Economists warn of 1% global GDP contraction and rising U.S. consumer prices if tariffs solidify . Markets initially dipped but stabilized, anticipating negotiations