President Donald Trump’s tariffs on global imports are reshaping the global economic order, with the average tariff being 29% and Chinese imports facing a cumulative rate of 104%. Trump’s goal is to reduce America’s reliance on foreign imports and erase the trade deficit. Many business leaders agree that the US needs to prevent low-cost goods from flooding its markets, especially from China. However, the quick pace of Trump’s tariffs is causing challenges for businesses to adjust supply chains and face cost increases. Economists are warning that the tariffs may lead to stagflation and economic contraction, with unemployment potentially rising to 5%. Countries like Canada and China are already retaliating with their own tariffs on US goods. Despite Trump’s optimism about tariffs making the country rich, experts caution that the full effects of these measures may take weeks or even months to fully materialize.
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