President Donald Trump was set to formally begin levying higher import duties on dozens of countries on Thursday, just as the economic fallout from his months-long tariff threats began to take a toll on the U.S. economy.
The White House said goods from more than 60 countries and the European Union (EU) would be subject to tariffs of 10% or more starting at midnight.
Goods from the EU, Japan and South Korea will be taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh will be taxed at 20%.
Mr Trump also expects countries such as the EU, Japan and South Korea to invest hundreds of billions of dollars in the US.
“I think the growth will be unprecedented,” Mr. Trump said on Wednesday afternoon.
He added that the US “receives hundreds of billions of dollars in tariffs,” but could not provide a specific revenue figure because “we don't even know the final amount” of tariff rates.
Despite the uncertainty, the Trump White House is confident that its introduction of sweeping tariffs will bring clarity to the course of development of the world's largest economy.
Now that companies understand where the U.S. is headed, the administration believes it can ramp up new investment and jump-start hiring in ways that will rebalance the U.S. economy as a manufacturing power.
But for now, there are signs that America is hurting itself as companies and consumers brace for the impact of new taxes.
Data showed the US economy changed in April with Mr Trump's initial tariffs, leading to market drama, a period of negotiations and Mr Trump's final decision to impose across-the-board tariffs on Thursday.
Sourse: breakingnews.ie
