- Donald Trump's global tariffs, ranging from 10 to 50 per cent, came into effect on Thursday, sparking concerns among consumers, companies, and investors about potential price increases.
- The tariffs are anticipated to make a wide array of goods more expensive, from everyday items like coffee and clothing to luxury products such as Range Rovers and Swiss watches.
- Economic experts warn that these sweeping tariffs could lead to supply chain disruptions, significant price hikes, and even inflation, with Americans ultimately bearing the increased costs.
- Industries including alcohol, automotive, apparel, and steel are already forecasting substantial financial losses and job cuts in some cases, with some companies like Diageo and major car manufacturers projecting hundreds of millions or billions in losses.
- While the tariffs are intended to boost domestic production, businesses are being forced to raise prices, as exemplified by a Tennessee cookware manufacturer increasing prices by 15 per cent due to higher steel costs.
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