Summary
The United States has increased tariffs on goods from various countries under President Trump, affecting many businesses. Most imports now face taxes between 10% and 50%, leading to higher costs for companies and potentially increasing prices for consumers.
Key Facts
- The US introduced new tariffs, or import taxes, affecting goods from many countries, starting with China.
- Most goods entering the US now have a tariff of at least 10%.
- These new tariffs began in April and are expected to increase after August 1.
- Trump claims these tariffs help US manufacturing and generate revenue for the government.
- The US has already collected over $100 billion in tariff revenue this fiscal year.
- Some businesses, like General Motors and Tesla, report increased costs due to the tariffs.
- Small businesses, like Village Lighting Company, report struggles due to increased costs from tariffs.
- Trump has also used tariffs to address non-trade issues with other countries.
