(Iowa) President Donald Trump announced a minimum 10% tariff on imports from over 100 countries, but the economic impact of these tariffs remains uncertain. “The R word is important, will there be retaliation,” said Goss. “In other words, tariffs coming down across the globe would be a good outcome, and then I would say President Trump has been successful. If there is retaliation, I would say that is not a good policy; we are in the 21st century, and it’s a global economy.
Goss says that the tariffs’ impact on prices depends on the product and the competition; however, consumers can expect higher prices. “A 25 percent tariff does not mean a 25 percent price increase. “It depends on the product, and it depends on the competition,” said Goss. But the upward pressure is undeniable, and we will see some upward pressure on prices, and possibly prepare for higher interest rates.”
President Donald Trump imposed tariffs on over 100 countries in what he has dubbed U.S. Liberation Day.
