Mr. Trump signs an order imposing tariffs on dozens of economies
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On April 2, U.S. President Donald Trump announced import tariffs on goods from many countries, with Vietnam facing the highest tariff rate of 46%. Other countries such as the UK, Brazil, and Singapore will face a 10% tariff, while the European Union, Japan, South Korea, and India will face tariffs ranging from 20-26%. These tariffs will take effect on April 9.
President Trump stated that the tariffs would not reach full levels but would only be a part to alleviate difficulties for partner countries. He also imposed a 10% tax on all imports into the U.S. starting April 5. Trump believes this will boost domestic production and lower prices for consumers while protecting American farmers from damage caused by other countries.
Financial markets reacted negatively after this announcement, with stocks plummeting and gold prices rising sharply. This tax policy has heightened global trade tensions and could lead to increased inflation, raising the cost of living for American citizens.
