Lates News

In the final hours before the deadline, U.S. President Trump signed an executive order on July 31st to push the so-called "reciprocal tariffs" into a new phase. The latest report from Fitch Ratings indicates that the new tariffs will raise the actual tariff rate in the United States to 17%. Yale University's Budget Experiment Lab stated that this means the United States will implement the highest tariffs since the Smoot-Hawley Tariff Act of 1933. Cornell University trade policy professor Eswardo Prasada described this as a "dark day in the history of global trade integration" to The New York Times. However, while the tariffs seem to target foreign exporters, the first wave of impact is actually hitting the United States domestically. From cars to everyday goods, American companies are already absorbing costs, with companies like Walmart and Procter & Gamble planning price hikes. This means that as the tariffs take effect, the bills will be more directly felt in the lives of every American household. (China News Network)