An uninhabited island, a military base and a ‘desolate’ former whaling station. Trump’s tariffs include unlikely targets
- President Trump announced a 10% tariff on all imports, impacting various U.S. Trading partners, including the remote Heard and McDonald Islands.
- Dow futures dropped nearly 1,000 points following the tariff announcement, with significant stock losses for companies like Dollar Tree and Walmart.
- Australian Prime Minister Anthony Albanese expressed confusion over a 29% tariff on Norfolk Island, questioning its economic rationale.
- Albanese stated, 'I'm not quite sure that Norfolk Island, with respect to it, is a trade competitor with the giant economy of the United States,' highlighting the strangeness of the tariff.
351 Articles
351 Articles
Uninhabited islands face tariffs under Trump’s latest policy
The NewsThe quixotic design of Trump’s sweeping tariffs led them to hit unexpected targets. The “reciprocal” levies were calculated by dividing the US trade deficit with individual countries by total trade, down to a minimum of 10%, which “makes little sense EVEN if you believe in protectionist mercantilist economics,” one top economist said. Strange outcomes include Australia’s Norfolk Island, population 2,188, being hit with 58% tariffs, while…
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