On April 5th, according to the executive order on so-called “equivalent tariffs” signed by Trump on April 2nd, the United States is scheduled to impose a “minimum benchmark tariff” of 10% on all trading partners starting from the 5th. Imposing higher ‘equivalent tariffs’ on certain trading partners will take effect on the 9th. American economists and business people warn that imposing tariffs will push up prices and ultimately pass them on to consumers. The Yale University Budget Lab estimates that after the implementation of “equivalent tariffs” by the United States, if other countries take retaliatory measures, low, middle, and high-income households in the United States will lose an average of $1300, $2100, and $5400. Renowned American investor and billionaire Mark Cuban wrote on social media on the afternoon of April 2nd that it’s time to start hoarding. (CCTV News)
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