Overview
- Donald Trump has initiated a 25% tariff on all foreign-made automobiles, effective April 3, as part of a broader protectionist trade agenda.
- A minimum 10% tariff on all imports will take effect April 5, with higher country-specific rates, such as 34% for China and 46% for Vietnam, starting April 9.
- The European Union and China have condemned the tariffs and are preparing retaliatory measures, while the EU has expressed willingness to negotiate.
- Global markets have reacted sharply, with significant stock market declines, currency fluctuations, and warnings of potential inflation and recession risks.
- Economists predict higher costs for U.S. consumers and businesses, with possible long-term harm to international trade systems and the global economy.