Trump: New Tariffs on Imported Goods Will Bring an Additional $6-7 Trillion to U.S.

Former President Trump asserts that new tariffs on imported goods will generate an additional $6-7 trillion for the United States. He expressed optimism about a market surge and overall economic growth in the States.

However, analysts’ forecasts suggest otherwise. Fitch Ratings warns that current tariff levels are comparable to those of 1909. Such high rates are expected to hinder GDP growth, accelerate inflation, and decrease corporate profits. According to a Gallup poll, 6 out of 10 Americans are deeply concerned about the state of the U.S. economy.

The automotive industry is also suffering from Trump's tariffs. As a result, the multinational corporation Stellantis has suspended operations at several of its automotive plants in Canada and Mexico. The company, which owns 14 brands including Alfa Romeo, Opel, Peugeot, Jeep, and Fiat, has felt the repercussions acutely. Additionally, it has been revealed that Canadian authorities will impose a 25% tariff on all vehicles imported from the United States that do not fall under the North American Free Trade Agreement.