What does President Trump's new tariff promotion mean for the economy?
November 29, 2024 13:14 JST (excerpt)
The United States has imposed heavy tariffs on imported goods for much of its history. However, since the 1930s, government leaders have mostly abandoned this policy due to accepting the idea of free trade.Almost gave up.It did. Tariffs were resurrected during Trump's first term from 2017 to 2021. Trump focused on tariffs to revitalize the US manufacturing industry and counter what the US considered unfair trade practices by China. President Biden, his successor, continued this trend.
President-elect Trump has pledged to make tariffs the centerpiece of USA's economic policy during his second term in office. Debate has reignited over whether tariffs, part of Trump's plan to significantly increase them, are a valuable tool to compete against economic rivals or a policy weapon that could backfire.
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