AI Summary:
Louise Verity, 42, has been worried about the Trump tariffs since she first heard of them brewing in January. Her business, Bookishly, sells literary gifts to book lovers. More than 60 percent of her sales are to the United States. She expects big businesses to just pass on the extra costs to consumers. Australia-based economics professor Steven Hail said there is no grand plan which makes any kind of sense. The universal tariff was set to 10 percent – in line with expectations – but the tariffs imposed to main trade partners are much higher than that: 34 percent for China, 20 percent for Europe and some 24 percent on Japanese imports. In theory, countries can now negotiate with the US to lower their rates. A 20 percent tariff on all European goods is potentially devastating for many industries. This is unlikely, given that administration officials have intimated that negotiation will be possible. There is talk of governments needing to come to the aid of small businesses in particular, to protect jobs and wages.

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