Since President Trump took office in January, several tariffs have been placed and threatened against foreign countries. President Trump’s goal is to boost American manufacturing and shield jobs, as reported by a New York Times article from May 8. These prospective tariffs have created chaos, confusion and constant back-and-forth about what is happening and its effect on citizens.
The U.S. and China
On Monday, May 12, China and the United States announced a 90-day pause in the respective tariffs the countries have placed on each other, according to a New York Times article from May 12. This 90-day pause has come after a tariff trade war, threatening both countries’ economies.
Trump placed a 145 percent tariff on Chinese goods on April 9, according to a BBC article from May 8. China reacted with a 125 percent tariff on all American goods. The 90-day pause will decrease the 145 percent tariff on Chinese goods to 30 percent and the 125 percent tariff on American goods to 10 percent. Negotiations will continue throughout the 90 days.
Foreign Films
On May 4, President Trump announced that he wants to place a 100 percent tariff on foreign films, according to a BBC article from May 8. The goal of this tariff would be to boost the US film-making industry. This threat has brought about increasing worry in Britain as U.S. blockbusters are essential to the industry. There is fear among workers and companies that the industry will be ruined. However, the president has not followed through with his actions, and it is unclear how he would do so, according to a New York Times article from May 8.
US and UK Trade Deal
On May 8, President Trump announced a trade deal with the United Kingdom. This deal includes keeping the blanket tariff of 10 percent on UK goods and adjusting tariffs on UK automobiles, according to a CNBC article from May 8. The goal of this new deal is to commit both countries to a strong relationship with each other that benefits both industrial and agricultural markets. With the intentions of this deal being positive, some see it as having little impact, mainly because the path taken with the UK likely can not be used with other countries.
