Trump's New Tariffs, Global Tariff Reactions, TikTok Deadline
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What are Trump's new tariffs and their expected impact?
President Trump says tariffs will spark a rebirth of American industry, but U.S. exporters are bracing for the worst.
The retaliatory tariffs are going to be really ugly and it's just going to kill demand.
Will Trump's gamble on a trade war pay off? I'm Michelle Martin, that's Leila Fadal, and this is Up First from NPR News. We also get reaction from markets and leaders around the world.
The administration's tariffs have no basis in logic, and they go against the basis of our two nations' partnership. This is not the act of a friend.
And TikTok has until Saturday to find a new owner. A number of high-profile buyers are lining up, but who is leading the pack? Stay with us. We'll give you the news you need to start your day.
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Since Donald Trump took office in January, a lot has happened. The White House Budget Office ordered a pause on all federal grants and loans. The impact of the Trump administration's tariffs is already being felt in President Trump's efforts to radically remake the federal government. The NPR Politics Podcast covers it all. Keep up with what's happening in Washington and beyond with the NPR Politics Podcast. Listen every day.
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President Trump is building an economic barrier designed to limit imports and encourage domestic manufacturing.
Starting this weekend, Trump plans to charge a minimum 10% tax on virtually all foreign goods coming into the U.S., with imports from dozens of countries facing much higher levies. Speaking in the White House Rose Garden yesterday, Trump said the tariffs would help spark a rebirth of American industry.
We're going to produce the cars and ships, chips, airplanes, minerals and medicines that we need right here in America. The pharmaceutical companies are going to become roaring back. They're coming roaring back. They're all coming back to our country because if they don't, they've got a big tax to pay.
Early reaction to the president's move has been mostly negative. Stock futures fell sharply overnight. The European Union has threatened countermeasures. And other U.S. trading partners are expected to retaliate with tariffs of their own on U.S. exports.
NPR's chief economics correspondent, Scott Horsley, joins us now to break this down. Good morning, Scott.
Good morning, Lila.
All right. So, you know, President Trump promised high tariffs throughout the campaign. So is anyone actually surprised by this move?
I think they're surprised by the magnitude. For example, we're talking about a 20% tax on goods coming in from the European Union, much higher than the U.S. charges today. In other ways, though, this is not surprising. Despite the United States' wealth and power, Trump has been complaining for decades that this country is being taken advantage of, and he's determined to fight back with tariffs, even as financial markets have been flashing red, saying, don't do it. Now, Canada and Mexico, two of our biggest trading partners, are being spared these additional tariffs for now. But Trump is slapping stiff due taxes on imports from economies around the world, even for products we cannot produce in the U.S., like the coffee and banana you might be having for breakfast this morning.
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