Trump tariffs take effect today
President Trump’s tariffs on products from dozens of countries took effect today, as Trump threatened even more tariffs on India and on certain products, particularly semiconductors.
“IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!,” Trump said on social media.
The New York Times said the tariffs will raise the cost of agricultural production and the cost of food to consumers.
The Guardian analyzed the tariffs country by country.
The Associated Press noted that the economic fallout of Trump’s months-long tariff threats “has begun to create visible damage for the U.S. economy.”
House Ways and Means Committee Ranking Member Richard Neal, D-Mass., said, “Trump’s economic sabotage went into effect today. With higher prices already here and more on the way, the president has only added to his long list of broken promises to the American people.”
“The major cracks in Trump’s economy are warning signs of what’s to come, but he’s too consumed with shaking down companies and other governments for his own gain,” Neal said.
“Once again, while Trump rewards the billionaire class, everyone else is getting stuck with the bill.”
Amid concerns about declining U.S. farm exports due to retaliation against U.S. tariffs, the American Farm Bureau Federation’s Market Intel service published a guide to agricultural trade.
“Agricultural trade is vital to the U.S. economy and to the long-term success of American farms and ranches,” the report concluded.
“It generates billions in economic activity, supports over a million jobs, and helps connect U.S. agriculture to growing global markets. America’s farmers and ranchers lead the world in producing safe, sustainable food, fiber and fuel. Reliable and robust trade is essential not only to the national economy, but also to the economic sustainability of family farms and rural communities.”
