#TrumpTariffs Here’s a concise 120‑word update on Trump’s latest tariffs:

President Trump has announced new import tariffs on 14 countries—including Japan, South Korea, Thailand, Bangladesh, and others—ranging from 25% to 40%, effective August 1 unless trade agreements emerge . These “Liberation Day” levies, first delayed in April, represent the **highest U.S. average tariff rate since 1934—around 17.6%** .

Analysts at Yale’s Budget Lab estimate the measures could reduce GDP by 0.7 percentage points and cost $110 billion annually, with households losing roughly $2,300 in income, and 538,000 fewer payroll jobs by year‑end . While markets have largely shrugged off the move—expecting more negotiations—it propels global trade uncertainty and could stoke higher consumer prices and production costs .

Trade tensions are escalating, but so far the economic fallout remains “manageable,” as the administration uses tariff threats as negotiation leverage .

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