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Trump's 'one shot' on trade

2 0
08.04.2025
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Business & Economy


Business & Economy

 

The Big Story

Trump ramps up as markets melt down

The White House showed no signs Monday of backing off its implementation of sweeping tariffs on dozens of other nations, even as its approach rattled financial markets and raised the specter of an economic slowdown.

© Greg Nash

President Trump was adamant that the aggressive tariffs, which are set to go into effect at 12:01 a.m. Wednesday, were a necessary tool to rebalance trade and reorient the U.S. economy after years of being taken advantage of.

  • He also announced he would impose a new 50 percent tariff on imports from China in response to that country’s announcement last week of tariffs on the U.S.
  • The latest announcement would essentially put U.S. tariffs on Chinese imports at 104 percent, a dramatic escalation of a potential trade war between the world’s two largest economies.

The president also warned that he would cut off negotiations with China about tariffs moving forward if it did not back off its retaliatory tariffs.

“We’re going to have one shot at this. And no other president’s going to do this, what I’m doing. And I’ll tell you what, it’s an honor to do it, because we have been just destroyed,” Trump told reporters in the Oval Office during a joint appearance with Israeli Prime Minister Benjamin Netanyahu, whose country is also getting hit with Trump tariffs.

Read the full report at TheHill.com.

 

Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

 

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Essential Reads

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7 GOP senators sign on to bill to check Trump’s trade authority

Seven Republican senators, including Sen. Chuck Grassley (Iowa), the Senate’s president pro tempore, and Sen. Mitch McConnell (Ky.), the former Senate Republican leader, have signed on to a bipartisan bill that would require Congress to approve President Trump’s steep tariffs on trading partners.


© The Hill