US President Donald Trump has brushed off concerns over his new tariffs, saying they could lead to a manufacturing boom within two years. The 10% levy on all trade partners and higher tariffs on certain nations like China aim to boost American industry. However, critics argue that the short-term pain will be felt by consumers.
Trump stated in an interview that while it may take time for manufacturers to adapt, the benefits are worth it. He likened his economic policies to surgery, comparing them to a patient in need of treatment. The president assured the public that the country will emerge as “a very booming country.”
Manufacturers, however, have expressed their concerns over the tariffs’ impact on operations and jobs. Jay Timmons, head of the National Association of Manufacturers, criticized the rollout, calling for tariff-free inputs for domestic production and negotiations for zero-for-zero tariffs on American-made goods.
The response from foreign allies was immediate, with China retaliating with a 34% levy on US goods. Markets continued to decline, recording their worst day since June 2020. Despite Trump’s initial openness to negotiation, he appeared to double down on his stance after the weekend.
Source: https://abcnews.go.com/Politics/trump-2-years-tariffs-result-american-manufacturing-boom/story?id=120486099