Trump's Upcoming Tariffs Spark Uncertainty Among GOP and Businesses
As Trump prepares to announce new tariffs, GOP lawmakers express concern over their potential impacts on farmers and the economy ahead of the April 2 deadline.
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Experts say reciprocal tariffs would mean added costs for U.S. businesses, which in turn would likely raise consumer prices in order to protect their profit margins.
What are reciprocal tariffs, and why does Trump want to impose them on other countries?
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Economists have predicted the tariffs will damage the US and global economy, are likely to drive up inflation, and may spark a trans-national trade war.
Australian exporters brace for immediate US tariffs on Trump’s ‘Liberation Day’
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Many experts note, however, that some of these goals are contradictory and cannot be achieved simultaneously.
Here are the options being considered for Trump’s new tariffs: Sources
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Consumers in the U.S. and businesses around the world are bracing for impact.
Trump's tariffs are expected to raise consumer prices, but a key question remains: By how much?
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The dynamics have raised the risks of an economic recession both in the US - and far outside its borders, where many firms rely on American sales.
Trump tariffs: Three big unknowns ahead of president's 'Liberation Day' announcement
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Under the fullness of Mr. Trump's economic plan, the U.S. will become a very big growth machine.
LARRY KUDLOW: Tax cuts, deregulation and tariff diplomacy go hand in hand
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Wednesday has been referred to as “Liberation Day” by Trump, or the day his administration is going to impose expansive reciprocal tariffs on other nations with duties on U.S. goods.
GOP rep says ‘tariff is a tax’: ‘No question’
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But his policies could upend existing trade relations and will come at a hefty price for the American consumer.
How Trump’s Tariffs Will Impact Consumers
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This is going to be the biggest set of tariffs that Donald Trump has ever unveiled.
Trump Tariff Plan Sparks Fears of US Recession
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As a result, few analysts expect Wednesday’s announcement to bring the certainty that many businesses — and Wall Street investors — crave.
Trump teases new set of tariffs to be announced Wednesday, calling it 'Liberation Day'
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The tax represents a huge shift from current trade policy, as the US stares down major trade deficits with dozens of nations.
Trump poised to unveil more tariffs on ‘Liberation Day’ — here’s what to expect
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Trump's 'Liberation Day' is unlikely to free businesses from uncertainty surrounding trade policy
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A number of congressional Republicans are publicly voicing concern over the potential for a prolonged trade war and its effect on American farmers as President Donald Trump prepares to announce a new wave of tariffs.
Some Republicans ask for tariff exemptions and express concern over Trump trade war
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Predictably, markets have reacted bearishly because tariffs are paid by the importing business, which then pass on the added cost to Americans.
GOP Senator Says ‘There’s Absolutely Gonna Be Short-Term Pain’ – But Supports Trump’s Tariffs Anyway
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Senate Republicans' apparent hesitancy to codify hundreds of billions of dollars in spending cuts could be due to fears that they may not have the votes to do so — despite being in the majority.
Senate GOP’s newest strategy now puts them in 'immediate conflict with the House': report
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Summary
As President Trump gears up to announce significant tariffs on April 2, dubbed 'Liberation Day,' GOP lawmakers are divided on their impact. Some advocate for exemptions for key agricultural products despite concerns about potential short-term economic pain. Sources indicate discussions on a 20% flat tariff on all imports or reciprocal tariffs varying by country’s existing trade barriers. Trump asserts these tariffs will boost U.S. manufacturing and generate revenue. Meanwhile, businesses brace for increased costs and potential recession, with experts warning that uncertainty may stifle investment and hiring across various sectors.
Perspectives
Republican lawmakers are concerned about the potential negative impacts of new tariffs on American farmers, advocating for exemptions for critical agricultural goods.
There is a divide in opinion among Republicans, with some supporting tariffs for the long-term benefits while others express concerns about short-term impacts on economies.
Democrats are pushing back against Trump's tariff policies, emphasizing fears from farmers and seeking legislative measures to curb his authority on tariffs.
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