A long list of tariffs for several countries has been hit by President Trump ranging from a global ten percent tariff to an extreme 104% tariff on China going into effect tonight at 9pm, confirmed by a White House official.
On April 6th, Donald Trump threatened a 50% tariff on Beijing if they did not revoke their retaliatory tariffs of 34%, stating that they’re making a “mistake”. China was given until Tuesday to pull away their 34% tariff on the U.S., although they ended up standing their ground and not complying. The following Wednesday, a White House government official then confirmed that an extreme 104% tariff will be implemented on all Chinese goods 12am eastern time, or 9pm pacific time. This resulted in the price of oil increasing by 4% in just one day. Along with the 84% retaliatory tariff that China responded with afterwards, the U.S. is quickly becoming isolated from our fellow countries in terms of economics and global trade.
President Donald Trump then had a press conference on Thursday where he greenlit a 90-day pause on tariffs for all countries except China, where he raised the 104% tariff to a whopping 125%. While the pause did help the S&P 500 stock rise by 9.5% in just one day, many economists warn that it won’t be smooth sailing for much longer.
There’s much global concern surrounding the tariffs due to an all-time high that wasn’t seen since the World War 1 era, where the economy struggled worldwide.
However, the uncertainty doesn’t just limit itself to internet forums. There’s worry within our own student body, especially since many of us are already approaching the age of being able to become a shareholder for stocks. These tariffs do more than just harm the stock market. Tariffs add a greater tax for countries to import their goods, leading to them increasing the price of said goods. The product eventually becomes more expensive for the consumer, which could potentially lead to an inflation like we’ve never seen before.
Voicing your concern can lead to change. If you have any experience with the stock market or would just like to express how you feel about it, you can share your experience here.
