Trump's Tariff Tirade: A New Economic Wave
President Donald Trump announced new tariffs on imported goods, including drugs and trucks. These measures start next week and affect global trade relations. The administration's focus on tariffs as a foreign policy tool is to renegotiate trade deals and protect domestic industries.
The Trump administration is intensifying its use of tariffs as a key component of foreign policy, introducing new levies on a wide array of imported goods. President Trump announced on Thursday that the U.S. will impose 100% duties on branded pharmaceuticals and 25% on heavy-duty trucks beginning next week.
This move underscores the administration's continued reliance on tariffs as a significant tool for renegotiating trade deals and applying political pressure. The policy has been divisive, with Trump framing it as a defense against foreign competition, while critics warn of the potential to paralyze business decisions.
Amid concerns regarding inflation, particularly in consumer goods, the new round of tariffs also coincides with probes into industries like semiconductors and wind turbines. Allies, such as Japan, have expressed opposition, emphasizing the economic interdependence and complexities of global trade.
(With inputs from agencies.)
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