Bloomberg Daybreak: US Edition Trump's Tariffs: Everything You Need to Know
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Apr 3, 2025 Former President Donald Trump discusses his dramatic tariff policies, which represent the steepest American tariffs in a century. He outlines the goal of reshaping the global economy but acknowledges the backlash of retaliatory threats and a market selloff. Trump delves into the impact on U.S. assets and highlights the sectors most affected, like technology and automotive. Treasury Secretary Scott Bessent warns against retaliation from trade partners, pivoting to the potential consequences for consumer prices and the broader economic landscape.
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Trump's Tariffs and Global Impact
- President Trump imposed steep tariffs, sparking global market selloff and political reactions.
- Bloomberg Economics estimates effective tax rate on over $3 trillion in imported goods could rise to 23%, the highest in over a century.
Differing Views on Tariffs
- Republicans largely support Trump's tariffs, with Ashley Davis highlighting Trump's focus on fair trade.
- Senator Rand Paul opposes the tariffs, viewing them as a tax on Americans.
Besson's Advice Against Retaliation
- Treasury Secretary Scott Besson urges countries not to retaliate against the tariffs.
- He suggests this is the "high end" of the tariffs, implying potential for negotiation.