Global Alarm as US Tariffs Soar to Near-Century High; Trump-Putin Meeting on Horizon
Global Alarm as US Tariffs Soar to Near-Century High; Trump-Putin Meeting on Horizon
Governments worldwide are scrambling to implement contingency plans following the implementation of significant US tariffs, which took effect shortly after midnight Washington time on Thursday. This move has pushed US tariff levels to their highest point in nearly a century, sparking international concern.
Brazil has announced intentions for a state aid program to support companies impacted by the new duties, with President Luiz Inácio Lula da Silva denouncing the tariffs as “unacceptable blackmail.” Switzerland, too, is seeking fresh negotiations with the US after a last-minute diplomatic effort by President Karin Keller-Sutter failed to avert a 39% tariff blow, described by industry group Swissmem as a “horror scenario.”
According to the nonpartisan Budget Lab at Yale, Americans are now expected to pay an average of 18.3% more for imported goods—a rate not seen since 1934. Despite the global apprehension, the White House expresses confidence that these measures will stimulate domestic investment and hiring, aiming to rebalance the US economy as a manufacturing powerhouse. Adding to the complex geopolitical landscape, former President Trump has indicated plans to meet with Russian President Putin.
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