WASHINGTON: US President Trump rolled out sweeping tariffs on Saturday, warning of near-term pain but promising historic gains.
“This is an economic revolution,” he posted on Truth Social. “Hang tough. The end result will be historic.”
A 10 per cent baseline tariff now applies to most imports, excluding Canada and Mexico.
A 34 per cent tariff on Chinese goods hits next week — with Beijing matching it and vowing WTO action, plus curbs on rare earth exports.
Markets plunged. Analysts warn of rising inflation and a possible recession.
Elon Musk, in talks with Italy’s deputy PM, called for a zero-tariff zone between North America and Europe, hinting at policy friction.
The EU, Japan, and dozens of others face even steeper rates from April 9.
EU leaders warned they “won’t stand idly by,” while Britain and France said “nothing is off the table.”
Trump’s tariffs, which spare key sectors like energy and semiconductors for now, could reach 24 per cent on average — the highest since the 1930s, according to Oxford Economics.
Stellantis has paused production in Canada and Mexico after Trump’s 25 per cent auto tariff took effect. – AFP
