President Trump's plan to impose steep new tariffs

SOURCE www.telegraph.co.uk
President Trump is planning to impose steep new tariffs, potentially raising $600 billion annually, which could burden consumers with higher prices and be the largest tax rise imposed by any president, leading to potential damage to the global trading system.

Key Points

  • Proposed steep tariffs could raise $600 billion annually
  • Tariffs could become the third largest source of government revenue
  • President Trump's approach of imposing tariffs without immediate tax cuts elsewhere could have negative economic consequences

Cons

  • Consumers may bear the brunt of higher prices due to tariffs
  • Could lead to the largest tax rise imposed by any president
  • May cause damage to the global trading system