Trump's Tariff Tussle: New Levies Announced Amid Economic Uncertainty

US President Donald Trump has announced new tariffs on 59 countries and the European Union, despite polls showing voters disapprove of his trade policies. The tariffs will have two tiers: 10% and 12.5%, covering almost all imports to the US, but exempting energy and some types of food.

The move is seen as a way for Trump to use leverage to get concessions from other countries on trade agreements. However, many economists believe tariffs are a bad idea, as they can lead to higher consumer prices and reduced economic growth.

Democratic Representative Richard Neal said the new tariffs are 'too convenient to be taken seriously' and that Trump is just hunting for legal justifications. The Budget Lab at Yale University estimates that these tariffs will add about 1% to consumer inflation, equivalent to an additional $1,100 tax per year on households.

Businesses are already feeling the effects of the new tariffs, with many expressing concern over the uncertainty caused by Trump's trade policies. As one economist noted, 'you never make up that' permanent decline in economic strength as a result of this type of policy.