On Wednesday, April 2, President Donald Trump placed new tariffs on imports from the majority of US trading partners.
Source: Yuki Iwamura, AP Photo
According to AP, these include a 34% tax on Chinese imports and a 20% tax on European Union imports.
These imports were done in an effort to boost US-based manufacturing and are a result of Trump’s desire to “lead with his instincts” in his second term, per AP.
Following the worst week that financial markets have faced since the start of the COVID-19 pandemic, fears exist from economists that the retaliation from foreign markets can boost inflation and send the US into a recession. Rallies were held on Saturday amongst democratic activists across the country.
“Because Trump’s decision to impose tariffs is meant to protect U.S. manufacturing but has led to worry about inflation, it comes with pros and cons. As a result, the tariffs’ long-term effects might not be clear for a while moving forward,” said senior Amanda Valency.
Lauren Kehrle contributed to this article.
