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With inflation creeping back into the US economy, it's as important as ever to have a firm grasp on Donald Trump's tariffs and what they mean.
U.S. President Donald Trump is unlikely to follow through on his threat to place 100% tariffs on countries that buy Russian oil because it would worsen politically-damaging inflation pressures and his similar threat against buyers of Venezuelan oil has had limited success,
A slew of countries will face steep levies, including a 50% tariff on imports from Brazil and a 30% tariff on the European Union.
Trump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.
Brazil’s inflation edged up in early July as US President Donald Trump threatened to slap the South American nation with punishing tariffs, further complicating the consumer price outlook for the central bank.
The president imposed tariffs on Japan, one of America’s closest allies, that would have been alarming just months ago. And markets went up.
With 1 August fast approaching, we expect the Trump administration to announce pharmaceutical tariffs soon. We anticipate an initial tariff in the 10-25% range, with an announcement signalling a substantially higher rate to follow within 12 to 18 months.
From executive orders, bills passed to ongoing public arguments and more: here's how President Trump's second term has impacted Illinois so far.
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