President Donald Trump follows his promise to attack many countries New tariffs During the “Liberation Day” ceremony at the White House on Wednesday.
The president has brought out big flags displaying new tariff charges to many countries, including Ukraine, China, the European Union and Japan.
“The pharmaceutical companies will roa and they will come back. They are all coming back to our country.
Trump has used the US to denounce trading partners and argued that tariffs would bring billions of dollars of new revenue to the federal government, encouraging more domestic investments.
“From this day on, we are not going to tell anyone that American workers and families don't have the future they deserve. We are going to produce the cars, chips, planes, minerals and medicines we need in America.” Trump said To the Rose Garden audience.
“The pharmaceutical companies are roaing and they're coming back. They're all coming back to our country. He added, “And if that's the case, I'll be very happy, and you'll be very happy, and you'll be very safe.”
All countries around the world will increase tariffs by 10%, while some countries will increase tariffs by 49%.
Critics of the tariffs have accused them of indirectly but unilaterally raising taxes generally without permission from Congress.
“Today's announcement brings US tariffs to levels not seen since the Smoot Holy Customs Act of 1930, incited the World Trade War and deepened the Great Repression,” read the statements of Scott Lincicom and Colin Grabaud of the Cato Institute.
The new tariffs have led to a sharp drop in stock market futures.
Democrats have raised resolutions against Trump's tariffs, and while some Republicans have made their support known, it's unlikely to succeed with Republican-led homes and presidential opposition.
“Donald Trump's reckless tariffs will cause disruption in our economy, raise consumer prices and hurt hardworking American families.” I wrote it California Democratic Rep. Nancy Pelosi. “This is not a strategy. It's the biggest tax increase for Americans in history.”
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