Here’s what could soon cost you a lot more because of Trump’s massive tariffs
At the very top of that list is China. Come April 9, the US will impose a 54% tariff on nearly everything coming from China. And rates go even higher, to 79%, if Trump follows through with his promise to slap an additional 25% tariff on any nation that buys oil from Venezuela, which China has done.
And then starting on May 2, the 54% tariff rate will also be applied to packages worth less than $800 coming to the US from China and Hong Kong. (Think Shein, Temu and AliExpress.)
The United States imported $439 billion worth of goods from China last year, the second top source of imports behind Mexico.
The Batshit Tariff Madness of King Trump
Suppose your doctor suddenly insisted that you needed to follow a strict diet and exercise regimen. He said he realized you had a serious problem when he divided your height by your birthday, and it came out way too high. You would probably decide that you need a new doctor.
This is basically the story of Donald Trump’s new round of import taxes (tariffs) on our trading partners. Trump somehow decided that trade was bankrupting the country, even though we were creating jobs rapidly, the economy was growing at a strong pace, and inflation was slowing to normal rates when he took office.
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Trump’s team calculated our trade deficit with each country and divided it by their exports to the United States. Trump decided that this figure was equal to that country’s tariff on goods imported from the U.S.
Storms unleash deadly tornadoes in Midwest, South amid "catastrophic" flooding threat
Severe storms are sweeping the U.S. South and Midwest, spawning damaging tornadoes and causing flooding in multiple states into Thursday, when at least four people were reported dead.