Trump Plans Sweeping Tariffs, Considers Tax Rebates

In a recent announcement branded as 'Liberation Day,' President Donald Trump unveiled plans for sweeping tariffs on all imports to the United States, claiming it would herald a 'golden age' for the economy. The proposed tariffs, ranging from 15% to 25%, could generate significant revenue, with estimates suggesting over $6 trillion could be collected, potentially funding tax rebates for Americans. While Trump maintains that this move will bring back jobs and factories, economists warn of dire consequences, including rising prices and a possible recession, as financial markets have reacted negatively to the tariff discussions. Additionally, the U.S. Trade Representative is considering alternative tariff measures that may be less severe than those proposed by Trump. Despite concerns, the White House has downplayed the likelihood of a recession, citing previous fears over tariffs as unwarranted. The administration's ongoing deliberations reflect a strategic shift in U.S. trade policy aimed at enhancing economic leverage in international relations.