Tariff U-turn
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If you feel whiplash, there's a reason why. The stock market rebounded on Wednesday almost as fast as it sank over the prior four days when President Donald Trump changed his mind, again, on his tariff plan.
After insisting for days he wasn't budging on his aggressive reciprocal tariff plan and even letting them officially kick in at the stroke of midnight on April 9, he abruptly pulled them back on Wednesday. He paused the tariffs for 90 days to give nations, except China, time to negotiate a deal. He raised China's tariffs to 125% because China retaliated with an 84% duty on U.S. goods.
All of that back and forth saw stocks swing by the thousands of points in all directions nearly every day since Thursday, the day after Trump announced his tariff plan.
Inflation's slowed in March. April may be different.
Inflation eased more than expected to a five-month low in March as gasoline and used car prices tumbled and rent increases softened further, offsetting a sharp rise in grocery costs.
But the effects on inflation and the economy in the months ahead are unclear, forecasters said. President Donald Trump said Wednesday that he was still imposing outsize tariffs on Chinese shipments to the U.S., along with minimum fees on almost all imports, but was suspending the largest double-digit charges on imports from more than 50 countries.
Even with Trump’s pause on most of the highest import charges, the increase in the duty on imports from China theoretically would still push up the average U.S. tariff from 23% to 25%, said JPMorgan Chase economist Michael Feroli. But as a result, he said, China’s share of imports likely would “shrink dramatically,” lessening that country’s contribution to the average tariff rate and inflation.
Trump's huge China tariff will make these items cost more
Of the $3.2 trillion the U.S. imported in 2022, 16.5% of that came from China, making it America's top supplier, according to the Office of the U.S. Trade Representative. China is also one of the U.S.'s top export destinations, falling behind Canada and Mexico with $150.4 billion of U.S. goods being bought by China in the same year.
For the average consumer, some everyday goods are likely to get more expensive because of Trump's 125% on Chinese imports. Here is a look at what Chinese goods the U.S. buys.
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