💨 Abstract

On August 1, 2025, President Donald Trump announced new tariff rates for 66 countries, the EU, Taiwan, and the Falkland Islands, effective August 7. Rates varied, with some lower than initially threatened. This decision follows previous tariffs and negotiations, intending to boost domestic manufacturing and address global trade imbalances. Many analysts predicted an impact on U.S. consumers, leading to increased prices for several goods, including electronics, clothing, and food.

Courtesy: WTOP Staff