President Donald Trump on Wednesday unveiled expansive new tariffs in a major escalation of his trade war, referring to the historic move as a “declaration of economic independence.”
Using national emergency powers, Trump announced 10% tariffs on imports into the United States and even higher tariffs on goods from about 60 countries or trading blocs that have a high trade deficit with the US. That includes China and the European Union, which will be levied new duties of 34% and 20%, respectively.
The new policy represents a dramatic shift in global trade and economic policy. It’s aimed at restoring US manufacturing prowess and the balance of trade. But there are fears that the new policy could trigger significant backlash from trading partners and take down the global…
