this post was submitted on 04 Jul 2025
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Trump vows tariff hikes of up to 70%, says nations will 'start to pay' in August (www.euronews.com)
submitted 6 days ago by AINewsBot@hilariouschaos.com to c/news_summary@hilariouschaos.com
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Author: Oman Al Yahyai
Published on: 04/07/2025 | 00:00:00

AI Summary:
US President Donald Trump is expected to begin formally notifying key US trading partners of a new tariff regime. The duties, set to take effect on 1 August, could see some countries face levies of up to 70% on exports to the United States. "By the ninth they'll be fully covered," Trump said, referring to a 9 July deadline he previously set. The money will start coming into the United States on 1 August. The costs are often passed down to consumers or absorbed by businesses. Some Fed officials are hesitant to cut interest rates while the full economic effects remain unclear.

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[–] Rhaedas@fedia.io 3 points 6 days ago (1 children)

The costs are ~~often~~ passed down to consumers

so, not the nations

or absorbed by businesses.

lol, no. See first

Twist: we've already been paying for this stupidity, and will pay for a long time, even after Trump is gone. Thanks a lot.

[–] mercano@lemmy.world 2 points 6 days ago

Trump has torched so must international good will. Tourists don’t want to come here due to intensifying ICE enforcement. Students don’t want to come here because Trump may randomly revoke their visa before they graduate because he has beef with their university. Consumers don’t want to buy our stuff anymore because we’re jacking up tariffs on the stuff they want to sell us. The dollar’s position as an international reserve currency is in doubt from all of the above.