💨 Abstract

President Donald Trump implemented higher import taxes on goods from over 60 countries and the EU. The tariffs, ranging from 10% to 25%, aim to reduce the U.S. trade deficit but have already led to economic slowdowns, stalled hiring, and increased inflation. Economists caution that the tariffs will gradually erode the economy. Despite uncertainty, the stock market remains robust due to earlier tax cuts.

Courtesy: WTOP Staff