That is what happened after Donald Trump announced new tariffs for up to 70 countries overnight, ranging from 10 per cent imposed on the UK to 35 per cent for Canada (more than Mexico’s 25 per cent and China’s 30 per cent) and a whopping 50 per cent for Brazil.
A poster depicting Donald Trump bearing devil horns during a protest in Sao Paulo over US tariffs on Brazil (Photo: Nelson Almeida/AFP)
As Jonathan Pingle, a senior US economist at UBS, a major international bank told The Wall Street Journal: “Everyone is trying to understand what direction the economy is taking.”
India, whose leader Narendra Modi is claimed to be a friend, was landed with a 25 per cent tariff. One apparent crime committed by Modi is the decision to continue buying oil from Russia in defiance of US wishes, an area where Trump has conveniently ignored the many decades that the US bought petroleum from other autocracies, such as Saudi Arabia.
Trump imposed a 35% tariff on Canada (Photo: AFP)
If there is a secret pattern to all of this, it is that it feels incredibly similar to the ill thought out “liberation day” tariffs announced in April by Trump that felt so chaotic they could have been made up on the spot. On that occasion, the president’s allies announced his actions would see America secure “90 trade deals in 90 days”. That, of course, did not happen.
Perhaps most importantly, this news will do nothing for Trump’s popularity in the US. For all his claims to the contrary, polls show the American public is not happy with his first six months in office.
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For Democrats seeking to make ground and retake the House of Representatives in the 2026 midterms, this should be an area they hone in on with a laser focus.
It is especially important because Trump was given a second term in large part because he was seen as the person better equipped to handle the economy. And while the impact of the tariffs may not be fully felt, eventually they will be passed onto US consumers leading to them paying higher prices. In the coming weeks and months Americans can expect to have “sticker shock” on the cost of cars to the price of meat.
Trump came into office with an economy that, if not perfect, was in pretty good shape. Yet because of his desire to rip up the old order, both in terms of trade and strategic alliances, America and the rest of the world are now confronted by a world where nobody appears sure what happens next.
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