Fri, 01 Aug 2025

Fri, 01 Aug 2025 What tariffs has Trump announced and why?

Trump's volatile trade policy has thrown the world economy into chaos, and put some US prices up.

* US President Donald Trump has announced a 35% tariff on Canada, effective from August 1.
* He also introduced new tariffs rates for dozens of countries that will come into effect on August 7.
* Tariffs are taxes charged on goods imported from other countries and can be passed on to consumers in the form of higher prices or reduced imports.
* The US economy is expected to be badly affected by Trump's trade policy, with both the IMF and OECD downgrading their predictions for global economic growth.
* Companies such as Adidas, Nike, and Mattel have confirmed that they will raise prices for American customers due to the tariffs.
* Economists say that Trump's import taxes could result in higher prices for a range of products in the US.
* The president argues that tariffs boost American manufacturing and protect jobs, but critics accuse him of making dramatic and sometimes contradictory policy statements as a negotiating tactic.
  >>