In a bold move on Independence Day, U.S. President Donald Trump fired up a new trade battle, slapping hefty tariffs on the European Union and 46 other countries. The decision, he claims, is a game-changer for America’s economy—but experts warn it could backfire.
Trump declared these tariffs as the dawn of a “new golden era,” aiming to end unfair trade practices that have hurt U.S. industries. He stated that the U.S. would now impose a 25% tax on foreign-made vehicles and retaliate against countries that levy tariffs on American products.
The new tariffs include a 20% increase on the European Union, 34% on China, and 26% on India. Additional tariffs have been placed on Israel (17%) and the UK (10%), while Japan’s tariff adjustment is set to be finalized soon.
While Trump insists these measures will uplift American farmers and businesses, analysts caution that they could lead to soaring global prices and hurt U.S. industries the most. With this aggressive stance, the U.S. is bracing for a high-stakes trade showdown.