Tariffs

WEST PALM BEACH, Fla. (AP) — President Donald Trump says he won’t back down on his sweeping tariffs on imports from most of the world unless countries even out their trade with the U.S. He’s digging in on his plans to implement the taxes that have sent financial markets reeling, raised fears of a recession and upended the global trading system. Speaking to reporters Sunday aboard Air Force One, Trump said he didn’t want global markets to fall, but also that he wasn’t concerned about the massive sell-off either, adding, “sometimes you have to take medicine to fix something.” His comments came after Trump’s aides sought to soothe market concerns by saying more than 50 nations had reached out about launching negotiations to lift the tariffs.

WASHINGTON (AP) — President Donald Trump is imposing a 10% baseline tax on imports from all countries and even higher tariff rates on dozens of nations that run trade surpluses with the United States. It threatens to upend much of the architecture of the global economy and trigger broader trade wars. Trump is declaring a national economic emergency to launch the tariffs, which are expected to produce hundreds of billions in annual revenues. He has promised that factory jobs will return back to the United States as a result of the taxes, but his policies risk a sudden economic slowdown as consumers and businesses could face sharp price hikes on autos, clothes and other goods.

WASHINGTON (AP) — American retailers say President Donald Trump’s threatened 200% tariff on European wine would harm consumers. Holly Seidewand owns First Fill Spirits in New York state and says a tariff war hurts importers, distributors and retailers but “consumers will bear the brunt of it.” Ronnie Sanders is CEO of Vine Street Imports in New Jersey and says customers aren’t prepared to pay two or three times more for their favorite wine. Trump on Thursday called the EU among “the most hostile and abusive taxing and tariffing authorities.” Because of the Republican president’s threat, a previously untariffed $15 bottle of Italian Prosecco could cost $45. The European Commission says Europe wants to “negotiate to avoid tariffs.”

WASHINGTON (AP) — President Donald Trump says 25% tariffs on imports from Mexico and Canada will start Tuesday, sparking renewed fears of a North American trade war. He announced the coming tariffs at the White House on Monday. He says the tariffs are to force the two U.S. neighbors to step up their fight against fentanyl trafficking into the U.S. Trump provided a one-month delay in February as both countries promised concessions. But Trump said Monday that there was “no room left for Mexico or for Canada” to avoid the steep new tariffs. U.S. stock markets moved sharply lower after Trump’s comments. Trump said he would also add on another 10% tariff on goods from China, on top of the initial 10% he put in place last month.

WASHINGTON (AP) — President Donald Trump has rolled out his plan to increase U.S. tariffs to match the tax rates that other countries charge on imports. The Republican is possibly triggering a broader economic confrontation with allies and rivals alike as he hopes to eliminate any trade imbalances. Trump said Thursday: “I’ve decided for purposes of fairness that I will charge a reciprocal tariff.’ The prospect of a dramatic hike on tariffs could send shockwaves through the world economy, possibly depressing growth while also causing inflation to intensify. Most economists say the tariffs would effectively be a tax increase on U.S. consumers. Trump says he’s decided “for purposes of fairness” that he’ll charge reciprocal tariffs.

PALM BEACH, Fla. (AP) — President Donald Trump says Americans could feel “some pain” from the emerging trade war triggered by his tariffs against Canada, Mexico and China. He’s also claiming that Canada would “cease to exist” without its trade surplus with the United States. The trade penalties that Trump signed Saturday at his Florida resort are causing a mix of panic, anger and uncertainty. And they’re threatening to rupture a decades-old partnership on trade in North America while further straining relations with China. But by following through on a campaign pledge, Trump may have simultaneously broken his promise to voters in last year’s election that his administration could quickly reduce inflation. The tariffs are set to launch on Tuesday.