In a bold move, U.S. President Donald Trump has imposed a 25% tariff on all steel and aluminum imports. While intended to protect domestic industries, experts like Anthony Chan, former chief economist at JP Morgan Chase, caution that the tariffs may not significantly boost U.S. steel production. Instead, they could create a cloud of uncertainty for American businesses, complicating future planning and potentially causing substantial economic damage.
Consumers are also set to feel the pinch, with everyday Americans, particularly those in low- and middle-income households, likely to bear the brunt of these new costs. \"The collateral damage is quite severe,\" Chan warns, highlighting the broader implications of the administration’s trade policies.
As businesses navigate the evolving landscape, the long-term effects of these tariffs remain to be seen, but the immediate outlook suggests a challenging period ahead for both the business sector and the general populace.
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How will Trump's tariffs game affect U.S. businesses and consumers?
cgtn.com
