Summing up his giant round of taxes on U.S. imports, Trump said he’d been very “kind.” The market didn’t agree.
This all comes after Trump announced that the U.S. would charge “countries throughout the world” new tariffs equivalent to approximately half of what the White House deemed as “the combined rate of all their tariffs, non-monetary barriers, and other forms of cheating.”
The reason? According to Trump, decades of trade policies have been terrible for the U.S. and generated gargantuan trade deficits. The goal with these tariffs – which American businesses will pay to Uncle Sam on imports from foreign nations – is to “make America wealthy again.”
A worthy cause, but at what expense?
This post originally appeared at DailyWealth.