As Trump’s tariff deadline looms, economists see calm before the storm
Summary
President Donald Trump announced high tariffs on many countries, but the U.S. economy is still strong, with low inflation and high employment. Economists warn the full effects of these tariffs might happen later, and that some countries could face even higher tariffs if they don't make trade deals with the U.S. soon.Key Facts
- President Trump introduced high tariffs in April on many countries.
- The U.S. economy remains strong despite these tariffs, with low inflation and high employment.
- Economists say the real impact of tariffs might not be seen immediately.
- Countries like South Korea and Japan face tariffs between 25% and 40% if they don't make trade deals by August 1.
- Preliminary trade deals with Vietnam and China involve minimum tariffs of 20% and 30%.
- The European Union may face a tariff of 15-20% if a trade deal is reached.
- The average U.S. tariff rate is currently 16.6%, expected to rise to 20.6% from August 1.
- Economists predict rising tariffs could eventually cause higher prices and slow down economic growth.
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