President Donald Trump announced Wednesday a 10% baseline tax on all imports, along with higher tariff rates on dozens of nations that run trade surpluses with the United States.
The president held up a chart during his speech at the White House, showing the U.S. would charge the following on imports from other countries:
- China: 34%
- European Union: 20%
- South Korea: 25%
- Japan: 24%
- Taiwan: 32%
President Trump declared a national economic emergency to launch the tariffs, stating he predicts they will produce hundreds of billions in annual revenues and that this will be a financial turning point for the United States.
“We are going to take in millions in tariffs, we are going to be so rich we won’t know where to spend all that money,” said President Trump.
KIRO 7′s Brooke Griffin spoke with financial advisors who said that’s only partially true, and could mean paying more for everyday items.
“For me and you, the average Joe, can tariffs be beneficial? In the long run, if we have fair trade, it would be great for the United States. In the short run, we will experience inflation on things we buy every day, said Financial Advisor Paul Brahim.
For the average family of four, he says a slightly new budget might be needed.
“The estimate for working families in terms of impact on an annual basis is somewhere around $2,500-5,000 of additional cost to the average U.S. family,” said Brahim.
He said many companies are already raising prices to prepare for the extra tax it takes to import the items.
The president recently imposed tariffs on Canada and Mexico, and CNN reports that the president also announced a 25% tariff on finished cars will take effect on April 3, and a 25% tariff on car parts will take effect no later than May 3.
In March, the administration imposed a 25% tariff on all aluminum and steel imports.
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