President Donald Trump said he will impose a new 10 percent tariff on all imported goods along with an additional punitive import tax tailored for each of about 60 countries that his advisers say maintain the most unfair barriers against U.S. products.
The move comes after the administration has already imposed or announced tariffs on steel and aluminum imports and some products coming from China, Mexico and Canada.
Critics of the proposals say tariffs are a tax ultimately paid by American consumers, as importers or final retailers hike prices to compensate for the levies they are charged. It’s unclear what goods and countries will be included in the new round of import duties — and the uncertainty has rattled markets.
The president’s long-awaited tariff plan is designed to spur a renaissance in domestic manufacturing and to fill government coffers with tax revenue, even as many economists warn that he is steering the U.S. economy toward slower growth and higher prices.
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