Planned responses to broad tariffs that start today
President Donald Trump has announced a major shift in global trade policy with the introduction of sweeping new tariffs.
(CNN)- President Donald Trump has announced a major shift in global trade policy with the introduction of sweeping new tariffs. According to the White House, these tariffs will take effect immediately, though details on their scope remain unclear. “The president wants to ensure that all Americans make out well, particularly Main Street. That’s the focus of these tariffs,” said White House Press Secretary Karoline Leavitt. While the administration claims these tariffs could generate six trillion dollars in revenue over the next decade, they would also mark the largest tax increase in U.S. history, even when adjusted for inflation.
Lawmakers on both sides of the aisle are reacting with caution. Republican leaders say they are waiting to see the full details, while some senators are actively opposing the measures. A bipartisan resolution aimed at blocking tariffs on Canadian goods is set for a Senate vote, with Republican Senator Rand Paul and several Democrats co-sponsoring the effort. “You’re gonna pay more for groceries because we bring in an awful lot of agricultural products,” warned Senator Tim Kaine, one of the co-sponsors of the resolution.
Economists note that while tariffs can benefit certain domestic manufacturers by giving them a competitive edge, they often harm international producers. Some foreign governments are already preparing retaliatory measures while signaling a willingness to negotiate. “We will approach these negotiations from a position of strength. Europe holds a lot of cards,” said European Commission President Ursula von der Leyen. “Measures are taken because measures are taken on the other side, but the dialogue must continue,” added Mexico’s President Claudia Sheinbaum.
In response to Trump’s announcement, Israel has preemptively canceled all tariffs on U.S. exports. Meanwhile, China has stated it is coordinating a joint response with Japan and South Korea.
