Trump is done with negotiations.
For months, the Trump admin has put tariffs on pause while it allowed other nations to negotiate rates.
That "grace period" is apparently ending, with all tariffs to be implemented beginning on August 1st.
This reverses what Trump said yesterday, when he stated that the August 1st deadline was "not 100% firm," adding that he'd be open to negotiating "if they call up and they say something a different way." This was paired with letters to 14 countries with tariff rates of 25-40%. This included a 25% tariff on goods from major trading partners Japan and South Korea.
The stock market didn't like that uncertainty, leading to a "steep selloff" on Monday.
Of course, there are the doubters, who think Trump may move the goalposts again if the Consumer Price Index ticks up.
The fake news is also lining up to take shots at the policy (because of course):
The Trump admin, however, has pushed back against claims of increases prices for U.S. consumers.
Steve Miran, chairman of the Council of Economic Advisors (an agency that informs the president on economic policy), had this to say:
The proof, as they say, will have to be in the pudding, which means we'll have to wait until August.
Or September.
Or whenever the deadline actually is. 😂
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