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Trump threatens to escalate trade war amid confusion over new tariff rates (www.theguardian.com)

submitted 2 weeks ago by babysandpiper@sopuli.xyz to c/economics@lemmy.world

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Donald Trump vowed to further escalate his trade wars on Tuesday, threatening US tariffs of up to 200% on foreign drugs and 50% on copper, amid widespread confusion around his shifting plans.

Hours after saying his latest deadline for a new wave of steep duties was “not 100% firm”, the US president declared that “no extensions will be granted” beyond 1 August.

“There has been no change to this date, and there will be no change,” Trump wrote on social media, a day after signing an executive order that changed the date from 9 July.

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[–] LifeInMultipleChoice@lemmy.world 2 points 2 weeks ago

No he walked back the film tarrifs. China was at 154, brought down to 30% on a suspension for negotiations. Now he postponed that because he didn't hear anything from China I'm guessing. China knows if they go to 154% it hurts them a bit, but hurts Americans more, which makes Trump look worse and continue to lose support. Not to mention China has its own shit going on. China can let the U.S. fuck themselves while figuring out ways to capitalize on the soft power vacuum he created around the world.

First half of 2025 the U.S. dollar fell in value by the highest amount since we left the gold standard. Which leads to why Trump threatens BRICS with more tarrifs, which ultimately will hurt is more