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For every American, the fear of the economy crashing and prices of goods increasing is real right now! The ongoing Trade War between the US and other countries is only going to make things worse and increase the prices of goods. For instance, China has retaliated with 34% additional tariffs.
Canada and the UK plan to do the same due to the hike in tariffs. The price of normal grocery items, appliances, and vehicles is set to increase with the high tariff. Due to this, Americans will have to pay more than double or triple for some imported items.
In his new tenure as the President, Trump is on the roll to establish new rules, tariffs, and reforms. He basically wants to uplift the economy. However, many feel this may uproot the economy for common people. On April 2nd, Trump announced a 10 %‘baseline’ tax. This is a globally applicable tax that will add tariffs to several imported items across the globe.
This tariff increase can go up to 60% for countries that are not on Trump’s worst offender list.
