President Donald Trump just set new tariffs for every country around the world, solidifying his extreme break with America’s long-standing trade policy.
Tariffs on the vast majority of goods America imports are set to rise – even from the handful of countries that negotiated individual trade deals. The higher tariffs continue Trump’s reversal of the decades of globalization that made America’s massive services economy the envy of the world – but contributed to its long decline in manufacturing.
With just a few hours to go before its self-imposed August 1 trade deadline, the White House provided key details about its new trade policy late Thursday – and, along with it, its new tariff plan.
Here’s what to know about the latest set of tariffs:
The White House announced Thursday that the “universal” tariff for goods coming into the United States will remain at 10%, the same level that was implemented on April 2.
