An economist told Nouba News that President Donald Trump’s 10% tariffs on Australia will hurt Americans who love beef from the outback. These measures are very likely to crash the entire global economy. Leading economists reckon that Trump does not have a clue as to what he is doing.
The quick onset of dementia, coupled with his historic unpredictability, is making things worse.
“I think this is a much bigger day for Americans who eat hamburgers than it is for Australia’s economy,” he told a leading media outlet.
“If they now want to pay more for it… That’s a ‘them’ problem, not an Australia problem.”
But he warned that the US is shooting itself in the foot.
“The US has just shown itself to be an unreliable partner,” he said.
Trump Playing Poker with the Economy
An analyst has compared President Donald Trump’s tariffs to betting on “a global poker playing table,” warning of terrible fallout from these.
“He is using the US consumer market as this enormous chip on the global poker playing table of the economy,” Rana Foroohar, CNN’s international economic analyst, said.
“It is a high-stakes game,” she said, and it would batter markets hard.
Foroohar said it would help him win votes among workers back home, but from an economic standpoint, it is bad news for everyone. It is in line with Trump’s style to shock and destroy to maximum media effect.
Europe is also waking up to smell the roses that, after 80 years, Uncle Sam is telling them that they are on their own. There is nothing that they can expect from America.
The analyst also said that, unlike last time when he was more China-focused, this time he was just going all out against everyone.
“This is very different. This is Trump saying I am going to overturn the Bretton Woods system. I am going to overturn globalization as we’ve known it,” she said, talking about a 1944 agreement that set the foundations of the post-World War II economic system.
“I think it will certainly be the defining moment of his presidency. I’m hoping it doesn’t push the US and the world into recession,” she added.
Taiwan calls Trump’s 32% tariff “highly unreasonable and regrettable”
President Donald Trump’s tariffs are “highly unreasonable and regrettable,” Taiwan’s cabinet says, as it vowed to try to lobby its way out of them. In the Trump era, other than maybe Israel, nobody else seems to have much of a voice.
Taiwan, a major exporting economy and electronics manufacturer, was hit with 32 percent tariffs by the Trump administration. However, its vital semiconductor sector was exempted.
Why not semiconductors? Home to the world’s biggest contract chipmaker, Taiwan Semiconductor Manufacturing Co (TSMC), the island is a major link in the global technology supply chain for giants such as Apple and Nvidia.
The tariff rate has been set at a whim. It makes no sense to charge such high tariffs.
Taiwan has seen a growing trade surplus. A big part of that is the demand from the United States for things like AI-related products, chips, and so much more.
“This reflects Taiwan’s huge contribution to the US economy and national security, but it was used as a reason to subject Taiwan to high tariffs,” the cabinet said.
“The tariffs do not reflect the actual economic and trade situation between Taiwan and the United States, and it is unfair to Taiwan.”
Taiwan’s cabinet will try to get a better deal. However, there is little hope for being able to achieve much out of this.
Other countries and regions, including South Asia, have also been hit badly by these tariffs. Sri Lanka, for instance, which has been reeling post default, is set to get swamped with a massive 44 percent tariff. Pakistan got a 29 percent rate slapped on it. India has seen a rate of 26 percent.
Australia, the UK, and some non-EU countries have the best at 10 percent. They are likely going to be able to better dominate trade with the United States as their goods become cheaper in comparison to other countries with higher rates.
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