Trump's comeback brings biggest trade shake-up since McKinley era
Former president plans huge tariff changes that could reshape global trade relations. His proposed 20-200% import fees might create biggest economic policy shift in more than a century
Donald Trumpʼs return to power brings up memories of president Cleveland - the last leader who served two non-consecutive terms. His bold trade ideas look similar to policies from 1800s
The ex-presidents economic blueprint focuses on wide-ranging fees for imports: a basic 20% rate for all countries and much higher ones for China (these numbers might change based on how countries act)
Here are the main points about his trade plan:
- Basic 20% fee on all imports
- Special 60% rate for Chinese goods
- Up to 200% fees for specific cases
- Tax cuts and bigger government spending
- Changes to Bidens policies
The way forward isnt clear - there are questions about how fast these changes can happen. During his first term Trump used special trade laws (like Section 301) to put fees on Chinese stuff and European metals; he might do it again
The reasons for such high import fees are hard to understand; some say its about replacing income tax while others think its just a way to make other countries follow US rules. His last deal with China didnt work as planned - the trade gap got bigger instead of smaller
European leaders are already worried: Ursula von der Leyen and Emmanuel Macron are trying to talk things out. Meanwhile China might lower its currency value to fight back‚ and smaller countries are getting ready for whats coming next
