Cnn
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On Friday, with a moment’s relief that President Donald Trump did not come close with his chaos tariff regimen.
Giving remarks to the Oval Office reporters on Friday, Trump said he would announce new so -called bilateral taxes next week, perhaps a campaign and a long -term desire to meet the import tax from foreign countries. Will meet What the president believes is justice for international trade.
The statement shook the financial markets on Friday, after which a relatively quiet week for the stock was a quiet week. Although Trump’s 10 percent board’s board revenues were implemented on China on Tuesday, and China responded with its own expansion rates against the United States, markets increased their relief this week that Trump on all. Purpted 25 % of revenue projects. Equipment coming from Mexico and Canada.
On Friday, the announcement of new potential prices that can affect all corners of the world. Dow Jones industrial average fell 400 points, or 0.9 %. The wider S&P 500 also fell 0.9 % and the Tech Heavy Nice Deck Composite Index was 1.4 % lower.
Trump said mutual rates would ensure that “we should be treated equally to other countries” and could help reduce the US budget deficit. The prices have served as the key part of the tax hike to increase the tax cuts in 2017 to increase the deduction of Trump’s promise. But prices itself can represent a huge increase in taxes on American consumers, which says economists say eventually pay for taxes.
If Trump proceeds with 25 % of revenue on Mexico and Canada that were pushed back by March 1st, the total direct cost of imports imports on Chinese, Mexican and Canadian goods will be equal to the tax increase for this year. – Ordinary American domestic, Patterson Institute Researchers have found. Researchers added that this would be the most equivalent of US taxes since 1993. Even if these 2017 tax deductions have been extended, the Patterson Institute’s analysis has shown that the lower 60 % earning rates will still be “significantly damaged”.
This bill may increase significantly in mutual rates.
It is unclear what form will be implemented if they are implemented completely. Trump recently threatened 10 % of the board’s tariffs on all imports coming to the United States. But the threat of Trump’s mutual prices appears to be returning to the campaign once again that foreign countries can help reduce US trade deficit for dollars for dollars matching tax tax.
Trade space measures the difference between US imports and US export prices. Trump has fought against what he thinks as unfair trade arrangements, misconcasingly saying that trade space with US foreign countries shows that the United States is from its neighboring countries. Hundreds of billions of dollars are “losing”. Some economists have warned that Trump’s language about the US trade difference has become an important method for the US economy.
If Trump moves forward with mutual rates, it can start a series of vengeance rates from the affected countries. This can provoke trade war, and indicate more taxes that eventually hurt consumers, which economists note that usually get caught up with this bill. The reason is that US importers pay prices. They transmit costs to importers retailers, which usually increase consumer prices.
There is a 10 % tariff tax on China About $ 7 427 billion The price of goods. According to the tax Foundation estimates, it has already exceeded the various rates imposed by Trump during his first administration during his first administration.
But the Trump administration delayed some of these prices on Friday, temporarily restoring the so -called D -Minemis waiver: a defect that allows packages to allow less than $ 800 to enter coacter Duty Free – The immunity went to its place on Tuesday, and the US Postal Service quickly stopped supply of all packages from China and Hong Kong to comply with the order.
But then the USPS restored the service within hours, and further increased the confusion that goods would be inspected from China to determine their import tax. Trump signed an executive action on Friday that restored D -Minemis’ exemption unless “the commerce department has the appropriate system to execute complete and fast and collect tariff income.”
The executive order did not tell how long the delay would continue. This was another example of uncertainty related to the implementation and scope of potential prices that could come soon.
CNN’s Matt Eagen, Elizabeth Bochold and Rameshah Marvo participated in the report.
