The stock market has been falling all week, and many experts are worried. Despite the slump, the Trump administration says the new tariffs are 'good' for the country in the long run. A 10% tariff on all goods imported into the United States started this past Saturday. Now, even higher tariffs are expected to go into effect.
Some of the biggest trading partners of the United States are being hit the hardest. China is expected to get a 34% tariff, while Europe could see tariffs rise to 20%. These changes are causing a lot of concern in the business world.
According to CNN, even some billionaire business leaders who once supported Trump are now speaking out against the plan. One of Trump’s biggest supporters for his 2024 presidential run warned that raising tariffs this high could be like starting an “economic nuclear war.”
Supporters of the tariffs believe they will protect American jobs and businesses. They say that once the country adjusts, the economy will grow stronger than before. But critics argue that prices will rise, trade relationships will suffer, and the stock market will keep struggling. Many people are watching closely to see what happens next.