Trump Announces New Global Tariffs

President Trump announced significant new tariffs, targeting 180 different countries with a 10% baseline tax on imports, while excluding Russia, North Korea, Cuba, and Belarus due to existing high tariffs and sanctions. Ukraine will face a general 10% tariff, which is considered manageable, and is actively negotiating for better terms. Despite the new tariffs, Ukraine remains a significant trade partner with the US, with low tariffs on American goods like cars and oil. The tariffs aim to boost domestic manufacturing, although economists warn of potential negative impacts reminiscent of the Smoot-Hawley Tariff Act. Although trade with Russia has decreased, the nation still exports notable goods to the US, raising questions about its exclusion from the tariffs.