The US stock market is down again, but the president has said that people will’realize’ that tariffs are ‘wonderful’ for the nation.
Donald Trump has been fiercely defending his’reciprocal tariffs’ for nations worldwide since he announced the proposal on ‘Liberation Day’ (April 2), which stunned the world at once.
Levies on foreign products, according to the president, would strengthen American industries, increase employment, and strengthen the US economy.
In addition to numerous additional tariffs on up to 60 nations, this entails raising taxes by 20% on items from the European Union, 54% on goods from China, and 10% on imports from the UK.
But the stock market crashed quickly, and the market capitalization of the S&P 500 fell by $2 trillion. Economists have also cautioned that Americans.
May have to pay for everything from their retirement plans to their automobiles and food. In addition, tariff increases have traditionally not been warmly received by the US.
