Donald Trump, the President of the United States (USA), continued his tendency to give decrees through social media on Monday and emphasized China’s Tat-Tit For Tasife retaliation last week. President Trump issued an executive order by giving a 34% “mutual” tariff to all Chinese goods imported to the United States on Wednesday and provided a 34% counter-party from China.
10% of the US will be cumulative with opposing tariffs and the new 50% tariff, which targets 34% “mutual” tariffs, will enter into force on Tuesday, April 8th. If the Trump management is successful in putting additional tariffs in the short term, US consumers may face more than 100% import taxes in goods.
Tariffs FAQ
Tariffs are certain goods imports or customs duties received in a product category. Tariffs are designed to help local manufacturers and manufacturers to be more competitive in the market by providing a price advantage compared to similar goods that can be imported. Tariffs are widely used as means of protectionism together with trade barriers and import quotas.
Although tariffs and taxes create government income to finance public goods and services, they have several distinctions. Tariffs are paid at the entrance harbor and taxes are paid during purchasing. While taxes apply to individual taxpayers and enterprises, tariffs are paid by importers.
There are two schools of thought among economists about the use of tariffs. While some claim that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that can increase the higher prices in the long run and encourage the schedules of the Simsekkara for taste.
During the presidential elections in November 2024, Donald Trump clearly stated that he plans to use tariffs to support the US economy and American manufacturers. In 2024, Mexico, China and Canada formed 42% of total US imports. According to the US Census Bureau, Mexico came to the fore as the best exporter with $ 466.6 billion. Therefore, Trump wants to focus on these three countries while applying a tariff. It also plans to use income from tariffs to reduce personal income taxes.
