Trump Enacts Sweeping Tariffs, Impacts Global Trade

President Donald Trump has implemented a baseline 10% tariff on all imported goods, escalating trade tensions with specific countries facing even steeper tariffs, including 20% for the EU and up to 50% for Lesotho. This 'Liberation Day' announcement was made in a Rose Garden speech, where Trump framed the tariffs as a means to reclaim American industry and jobs. The tariffs have already resulted in significant market reactions, with global markets, including European luxury brands, experiencing declines as investors anticipate higher prices and inflation. Despite Trump's assertion that these measures will revive U.S. manufacturing, business leaders express concerns that the tariffs could lead to price hikes and reduced investment. Analysts warn that the economic fallout from these tariffs could disrupt longstanding trade relationships and provoke retaliatory measures from affected countries. The Senate voted to overturn Trump's 25% tariffs on Canadian goods, representing a symbolic rebuke of his trade policies amidst ongoing GOP divisions.