President Donald Trump has announced a plan to raise U.S. tariffs to match the tax rates imposed by other countries, aiming to eliminate trade imbalances. The move could escalate economic tensions with both allies and rivals.
The National Retail Federation (NRF) warned that higher tariffs would lead to increased prices for American consumers and disrupt supply chains. “It will likely result in higher prices for hardworking American families,” said David French, NRF’s executive vice president.
Trump signed a presidential memorandum instructing officials to review and propose customized tariffs based on factors such as foreign tax policies, exchange rates, and trade barriers. Commerce secretary nominee Howard Lutnick and U.S. trade representative nominee Jamieson Greer will collaborate on the tariff report.
Democrats and economists have criticized the plan, warning of potential economic fallout. The Wall Street Journal called it the “dumbest” trade war in history, while consumer sentiment data suggests growing public concern over economic instability.
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