Global economic fallout sparked by President Trump’s sweeping tariffs has taken hold after the stock market tumbled Thursday.
The aggressive move affects nearly every nation exporting products to the U.S, which Trump has argued will restore the country’s manufacturing economy while making trade relationships fairer and boosting government revenue.
The tariffs, fulfilling a Trump campaign promise, impose a 10-percent base tax on all goods coming into the U.S. But several countries are being hit with steeper taxes, with some as high as 50 percent.
Long-time partners Mexico and Canada are exempted from Wednesday’s announcement as they have already been targeted with 25 percent tariffs since Trump returned to the White House.
Countries across the globe have threatened to retaliate while others have made calls for the U.S. to come to the negotiating table. And in Washington, the move has been met with fury from Democrats.
And on Thursday, the Trump administration fired several National Security Council staffers in the wake of the Signal chat leak last month. The removals come after Trump met with far-right influencer Laura Loomer, who encouraged the administration to take action.
Meanwhile, on Capitol Hill, Senate Republicans are charging forward to pass a budget resolution to further advance the Trump agenda. But divisions in the conference could derail the effort as a vote on the measure is expected later this week.
Follow along for the latest updates.
Tags Business China Laura Loomer Mexico Stock Market tax trade war Trump administration
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