US President Donald Trump has said that April 2, 2025, the day he rolled out the most sweeping tariffs in nearly a century, would be remembered in history as the day he put America on the path to be wealthy again.
However, if history is any guide, then Trump’s tariffs are set to be a recipe for a disaster.
Trump on Wednesday imposed 10 per cent tariffs on all imports and slapped higher tariffs on a select group of countries. He slapped Vietnam with 46 per cent tariffs, China with 34 per cent tariffs (on top of 20 per cent tariffs already in place), Taiwan with 32 per cent tariffs, India and South Korea with 26 per cent tariffs, and Japan with 24 per cent tariffs. Previously, it had been reported that he wants to raise $6 trillion in revenue per year from tariffs.
Economists and trade experts say that’s not a realistic expectation. What is indeed realistic is recession — or something much worse.
Content retrieved from: https://www.firstpost.com/world/if-history-is-any-guide-trump-tariffs-are-recipe-for-recession-13877267.html.
