On April 7th, it was reported that on April 6th local time, after former US Treasury Secretary Lawrence Summers stated that tariffs would lead to a decrease in US consumer prices, former US Secretary of the Treasury Lawrence Summers disagreed with Hassett’s statement. He believes that President Trump’s tariff policy is the biggest self inflicted wound to the US economy in history. Summers said that tariffs will lead to price increases, exacerbate inflation rates, thereby reducing people’s purchasing power, and also mean a reduction in employment opportunities. On April 2nd, US President Trump signed an executive order at the White House regarding the so-called “equivalent tariffs”, announcing that the United States would impose a “minimum benchmark tariff” of 10% on trading partners and impose higher tariffs on certain trading partners. The US government’s move has faced opposition and criticism from multiple parties worldwide. (CCTV News)
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