Trump Announces Tariffs, Countries Prepare Retaliation Plans

President Donald Trump announced new tariffs ranging from 10% to 50% on imports from various countries, a move that has sparked significant backlash from global leaders and business sectors. Australian Prime Minister Anthony Albanese criticized the tariffs as lacking logic and not indicative of friendly relations, while countries like China, the E.U., and Japan are planning countermeasures. Stephen Miran from the Council of Economic Advisers advised foreign leaders to avoid retaliation and instead negotiate with Trump to potentially lower the tariffs. Opposition Leader Peter Dutton highlighted the current Australian government's failure to secure tariff exemptions compared to past negotiations. Critics, including former NAFTA negotiator Carla Hills, called the tariffs 'tremendously harmful,' warning that the long-term economic benefits touted by the Trump administration could lead to short-term pain, including potential stagflation. Wall Street executives have expressed concern that Trump's tariff strategy may provoke significant economic disruptions, potentially threatening his presidency.