US EditionTrump Sets Global Tariffs as Consumers Brace for Price Hikes
UNITED STATES, AUG 3 – President Trump's tariffs will raise the average tax on imports to 18.3%, potentially increasing consumer prices by 1.8% and costing households about $2,400 annually, experts said.
- Amid looming tariff hikes, Trump postponed implementation of new rates for dozens of countries until Aug. 7, while a 35% tariff on Canadian imports takes effect Friday.
- In April, Trump unveiled sweeping import taxes on goods from nearly every country, but a federal court ruled in May that he exceeded his authority invoking an emergency powers law.
- The Yale Budget Lab projected an 18.3% import tax, and Aneff said shoppers will face 20% to 25% price hikes starting Friday: `Nobody can afford to eat the tariff. It gets passed on.`
- Companies have been stockpiling goods to mitigate tariff impacts, and French said the new 'unsustainable tariff rates' will affect merchandise in the coming weeks.
- This coming week, the administration expects to negotiate further deals before August 7 to lower tariffs and reduce uncertainty, which could push countries like China toward other markets.
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The Killeen Daily Herald
Trump sets global tariffs as consumers brace for price hikes
(The Center Square) – Consumers across the country are bracing for higher prices on everything from coffee to cars as President Donald Trump's full suite of "Liberation Day" tariffs go into effect next week.
What consumers can expect from import taxes as U.S. sets new tariff rates
American businesses and consumers woke up Friday to find the contours of President Donald Trump's foreign trade agenda taking shape but without much more clarity on how import taxes on goods from dozens of countries would affect them. Late Thursday, Trump ordered new tariff rates for 66 countries, the European…
North Platte Nebraska's Newspaper
Effects consumers can expect from tariffs
It's been almost 100 years since the U.S. had tariffs at the level they could reach next Friday.
Several American companies are considering raising their price lists to balance the increase in costs related to the trade war wanted by President Trump
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