Donald Trump’s sweeping tariffs on over 90 countries are already shaking up global trade and could soon hit U.S. consumers where it hurts: their wallets.
Effective immediately, Trump’s tariff policy applies a baseline 10% import tax on most foreign goods entering the United States, with steep increases for select countries. The US President says the move is meant to “Make America Wealthy Again” by boosting domestic industry, but economists warn it could also drive up the price of essential goods like cars, clothing, wine, and even maple syrup.
Following news of the tariffs, Trump posted on Truth Social that “billions of dollars are now flowing into the U.S.” as a result of his trade policies. He also threatened a 100% tariff on foreign-made semiconductors, pressuring tech giants to shift operations to the US, the BBC reports. Apple quickly followed up with a $100 billion domestic investment, while major chipmakers like TSMC, SK Hynix, and Samsung have reportedly been granted exemptions.
Tariffs will rise even higher for some nations:
- India and Brazil: 50%
- Vietnam: 46%
- Cambodia: 49%
- Thailand: 36%
- Taiwan: 20%
- European Union: 15% (via framework deal)
- Switzerland: 39% (no deal yet)
- Canada: 35% (some exemptions under USMCA)
Trump specifically raised India’s tariff to 50%, citing its continued purchase of Russian oil, a move Delhi has condemned as “unjustified.” Brazil’s levy came after Trump accused its president of unfair attacks on U.S. tech firms and defending former Brazilian leader Jair Bolsonaro.
Most US allies have scrambled to strike last-minute deals. The UK, Japan, and South Korea managed to secure reduced rates, while Mexico received a 90-day extension to avoid new tariffs altogether. Switzerland, however, failed to reach an agreement and now faces one of the harshest rates, prompting an emergency government meeting.
Meanwhile, the Independent details that US consumers are bracing for price hikes on:
- Wine, beer, and champagne from the EU
- Coffee from Latin America
- Shoes and apparel from Vietnam and China
- Vehicles from nearly everywhere
- Maple syrup from Canada
Trump’s tariffs mark a dramatic shift in US trade policy, targeting countries with close ties to China, and signaling what may be a broader geopolitical message. According to economist Bert Hofman: “This is supposed to be it. Now you can start to analyze the impact.”
But for everyday Americans, the impact could be felt soon; at the grocery store, at the mall, and on the car lot.