Bloomberg Daybreak: Europe Edition Trump Tariffs Everyone, China 34%, EU 20% & UK 10%, Fear Grips Markets
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Apr 3, 2025 Daniel Moss, a Bloomberg Opinion columnist, dives into the recent whirlwind of tariffs imposed by President Trump, shaking up global markets. He discusses how China's firm retaliation and the EU's emergency measures could reshape international trade dynamics. The impact on U.S. inflation and the Federal Reserve’s predicament are also explored. Moss highlights the fear gripping investors and the broader implications for global economic growth during this turbulent period.
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Trump's Tariff Strategy
- President Trump imposed steep tariffs on various countries, ranging from 10% to 34%.
- Bloomberg Economics estimates a 67% average tariff on Chinese goods entering the US.
Economic Impact of Tariffs
- The tariffs aim to incentivize US manufacturing and job growth but may negatively impact GDP.
- Bloomberg Economics predicts the effective tax rate on US imports could reach its highest in over a century.
China's Response and Market Volatility
- China's Commerce Ministry condemned the tariffs without specifying retaliatory measures.
- Goldman Sachs' Kinger Lau expressed surprise at the scale, anticipating market volatility.