On Wednesday, President Donald Trump announced a slew of new reciprocal tariffs on countries across the globe. Trump placed a 10 percent baseline tax on imports from all countries as well as an additional 34 percent tax on imports from China, a 20 percent tax on imports from the European Union, and a 24 percent tariff on Japan among many others. Markets suffered huge losses to end the week.
Estimates from the Yale Budget Lab, a non-partisan policy research center, predict the tariffs will cost the average U.S. household an additional $3,800 per year. I spoke with University at Albany political science professor Greg Nowell about the impact the taxes are likely to have on consumers and the economy.
