Live updates: Business leaders warn Trump tariffs will raise prices for US consumers
apnews.com
President Donald Trump's barrage of “reciprocal” tariffs shows a willingness to dismantle the global economic system. Business leaders warn the tariffs will increase costs for U.S. consumers.

cross-posted from: https://lemmy.ca/post/41675354

Among the reciprocal tariff levels Trump announced:

China: 34%

European Union: 20%

South Korea: 25%

India: 26%

Vietnam: 46%

Taiwan: 32%

Japan: 24%

Thailand: 36%

Switzerland: 31%

Indonesia: 32%

Malaysia: 24%

Cambodia: 49%

United Kingdom: 10%

Rest of the world: 10%

  • sp3ctr4l@lemmy.zipEnglish
    44·
    2 days ago

    Ok so…

    SHEIN and TEMU are done, as in, just over, for Americans, and possibly just in general.

    Their business models basically no longer work.

    Almost 50% on Vietnam and Cambodia?

    Ok, thats at least an instant 50% price hike on… most clothes Americans buy?

    Fucking…computer hardware?

    Jesus Christ, throw another 30% on already bonkers GPU prices.

    Cars? Beyond fucked.

    Components very often get shipped to one country, partially assembled, cross the border, get assembled more, do that again a few times before final assembly… oh right, and they all are massively computerized now.

    Yeeep. Great Depression 2.0 here we come, certainly for America, and probably to a lesser extent for the rest of the world as the US can no longer consume imports… and we will almost certainly have a massive financial collapse, which will almost certainly to at least some extent fuck over finances everywhere else.

    Every less developed country that just has its currency pegged to the USD is now fucked and will be in chaos as they figure out how to respond to this.