President Donald Trump announced the implementation of a 10% baseline tariff on all imports, with even higher rates for many countries, including 20% on EU goods. Critics, including CNN's Richard Quest, argue that these tariffs will lead to significantly higher consumer prices and have detrimental effects on the U.S. economy. Quest highlights that the president's assertion that tariffs are paid by exporting countries is misleading—the costs are ultimately borne by American importers and consumers. Historical context, referencing past tariff legislation, reinforces concerns about the negative economic impact of such measures.
It will send it into reverse. Let there be no doubt about this. The president said today a whole load of economic nonsense, things that we know simply will not happen.
Look I've studied this a million ways upside down. And many of the people in that Rose Garden know it! The president conveniently forgot about the Payne-Aldrich Act of 1910.
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