Trump’s August 1 Tariffs: A New Blow to the Global Economy
The TRUMP administration is escalating trade tensions with a new wave of tariffs set to take effect on August 1st. Rates could soar as high as 70%, targeting 18 trading partners in a move that risks destabilizing the global economy. The European Union, China, and other major economies face direct pressure as Washington seeks to rebalance what it deems an unacceptable trade deficit.
This protectionist gambit arrives as negotiations stall, with Treasury Secretary Scott Bessent signaling the administration's hardened stance. President Trump has already approved multiple tariff directives en route aboard Air Force One. The strategy aims to force concessions, but the collateral damage may Ripple through international trade networks and economic growth forecasts.
