What did Trump Say?
In an interview with Fox News, Trump was asked about the possibility of a recession in 2025. He declined to give a prediction. He said he does not like to predict such events. He mentioned that the economy is going through a transition due to major changes.
Tariff Delays and Future Plans
Trump recently agreed to delay some tariffs by one month. The delay affects certain imported goods from Mexico and Canada. The tariffs, which briefly took effect, were paused until April 2. He initially granted an exemption for the three largest U.S. automobile manufacturers.
Despite delaying some tariffs, Trump suggested that tariffs could increase in the future. He said some tariffs may go up rather than down. The potential increase could impact various industries and consumer goods.
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Stock Market Reaction
The stock market responded negatively to tariff changes. Trump told Americans they should not focus on stock market fluctuations. He suggested that economic adjustments take time. Many investors and businesses remain uncertain about the impact of tariffs.
Impact of Tariffs on Consumers
Tariffs are taxes on imported goods. They are paid by U.S. businesses and often passed on to consumers. Trump and his advisors believe tariffs could boost U.S. manufacturing. They argue that higher tariffs on foreign goods could make U.S.-made products more competitive.Also Read: Invincible Season 3: Episode 8 release date, time, episode schedule and where to watch
Commerce Secretary’s Take
Unlike Trump, Commerce Secretary Howard Lutnick commented on recession fears. He said there is no chance of a recession in the U.S. He argued that Trump’s policies are driving economic growth. He said he would not bet on a recession happening.
FAQs
How do tariffs affect consumers?
Tariffs increase the cost of imported goods. U.S. businesses pay these costs and often pass them to consumers, leading to higher prices for various products.
Why did Trump delay some tariffs?
Trump delayed tariffs to give businesses time to adjust. He also granted exemptions to some industries, such as automobile manufacturers, to reduce immediate economic impact.
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