125% tariff on China, 3rd largest trading partner
25% tariff on Canada and Mexico, #1 and #2 respectively, for all non-USMCA goods -- basically 50% of everything we import from them
10% universal duty
Greer publicly floundered during a hearing with congress today where he literally learned of the reversal mid-session, implying he was totally uninformed
Bessent directly contradicts Trump saying this was the plan all along after Trump says he only reversed the decision because markets were looking "queasy"
So a few things:
Despite what the shitposting MAGA tards on this board are claiming, anyone with half a brain can recognize that this policy, even reduced, is still incredibly destructive and is going to cause chaos. If no exemptions are made on the Chinese front -- which I'm pretty sure there won't be, even though he's signaled exemptions for certain businesses from the 10% duty, because that would kind of defeat the purpose -- then whole supply chains which rely on Chinese imports will collapse overnight & it'll force retailers to massively reorganize in a short amount of time, risking steep losses & mass layoffs, or forcing them to raise prices, risking inflation.