Donald Trump’s administration has come under fire for recently imposing large tariffs on multiple countries. The results of this disastrous decision have gotten millions of Americans fired and prices soaring. According to some recent analysis, Trump just placed a 39% tariff on Switzerland. Plus, he raised tariffs to 25% on India’s exports to the US and 20% on Taiwan’s. Further, countries that could not be named in the agreement, like China, are under a 30% tariff rate. Concerns over aggressive economic policies have roiled. Americans are right to be concerned about the impact that these changes will have on the U.S. economy and the livelihoods of American families.
The tariffs, which were ostensibly meant to protect U.S. industries, have faced heavy backlash from many different sectors. Swiss manufacturers have already incurred job losses due to these exorbitant tariffs. And Representative Richard Neal is right when he says “the American people didn’t ask for this.” There, he focuses on the adverse effects on hiring and the increasing cost of living.
One thing is for certain – next week, the White House will be announcing new tariffs. This decision will add needless burdens on an already fragile economic recovery. That’s 60 percent of Americans who now lay the blame for making their cost of living go up right at the doorstep of Trump’s administration. These numbers just reinforce the burgeoning public outcry of people who are beginning to feel the dollar costs of these policies.
Howard Lutnick, the U.S. Commerce Secretary, has personally lobbied for Trump’s tariff deals and trade agreements. Lutnick’s export bureau has faced significant obstacles. There have been colossal communication failures with impacted industry representatives and the staff has reduced astronomically. This hasn’t helped settle concern about how well the administration’s trade strategy is working.
In a striking reversal from Trump’s tariffs, Cambodia’s tariff rates were set to go as high as 49%. This one was then revised down to 36% and then 19%. In Madagascar’s case, its tariff was reduced from 47% to 15% and the same for Botswana, which dropped theirs from 37% to 15%. These cuts represent a noticeable turn in trade relations strategy that can offset some of the negative impacts observed in other areas.
California Governor Gavin Newsom called out Trump’s trade and economy policies. He emphasized that the July jobs report missed the mark in every respect ahead of a concerning trend we haven’t seen since 2020. He raised the alarm that Trump is “failing Americans and crashing our economy,” while expressing the deep urgency for a drastic shift in direction.
Kathy Hochul doubled-down on the attack on Trump’s administration, claiming that, “Donald Trump is killing jobs and jacking up prices with his tariffs.” She promised Democrats would “punch back” against what she called harmful policies. Senate Minority Leader Chuck Schumer was quick to speak out, saying that “the chickens are coming home to roost for Trump.” He pressed on how often families are paying for the consequences of his disastrous tariffs.
The fallout from these tariffs go much further than jobs lost overnight. Economic analysts have been warning that job growth has completely stopped and prices are exploding. Two major factors in a crumbling U.S. economy. The escalatory spiral has raised new concerns about the ultimate sustainability of Trump’s hawkish economic policy.
Against the backdrop of these accomplishments, Indian officials are hopeful. India’s foreign ministry has been optimistic that the two countries’ bilateral relationship would continue to develop in spite of ongoing tensions regarding tariffs.