Hopefully, it will lead to inflation and then recession. Then Mother Earth can start to heal from all the damage humans have created. Hopefully, the sea level will sink.
The US is the 2nd largest exporter in the world. https://en.wikipedia.org/wiki/List_of_countries_by_exports
And yet the United States has the largest trade deficit in the world. According to this website, in 2023, the trade deficit of this nation was $773.4 billion and the top import is actually oil. https://worldpopulationreview.com/country-rankings/us-trade-deficit-by-country So we just sell stuff to everybody for free. LOL According to this website, Canada is actually not the country that US has the largest trade deficits with. The countries that US has the largest trade deficits with are actually China (no surprise there), Mexico and Vietnam in that order and yet US levied lower tariffs just 10% against China and no large tariffs against Vietnam because US is still relying on these two Asian countries for imports and especially China also for geopolitical reasons. If Trump really wants to balance the trade, it should levy 25% tariffs against these top three deficit countries and then 10% tariffs for the rest of the top deficit countries but majority of these countries are US allies so he can't do much. Overall, this is all the more reason that USA needs to improve its own domestic productivity to produce stuff instead of relying on imports.
Unless China, Canada, Mexico, etc. devalue their currency 25% to make up for the tariff. Then it is free lunch.
yes expect USD to go sky high so the US imports will be dirt cheap so high tariffs might be two birds one stone, balance the trade and lower the consumer price.
We're already at 70 cents, things like fresh produce are getting out of hand. Me thinks retaliation and an upward spiral in the cost of living for the consumer.
Oh there is going to be retaliations for sure just like during the first Trump term. That's why we need to produce local and buy local.