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Krugman: Higher Import Taxes Than Expected; Lying About Foreign Tariffs on U.S. Products [1]
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Date: 2025-04-02
The tariffs appear to be quite a bit higher than the 20 percent figure originally floated, although the illustration at the press conference indicates a range of 10-49 percent. That’s very high, especially considering the EU 20%, China 34% and Japan 24%. Note, I’m getting this info via Paul Krugman’s substack, which is here: paulkrugman.substack.com/...
But here’s the main point — Trump seems to be just flat lying about tariffs imposed on the U.S. Here’s Krugman:
The left column show the tariffs others are supposedly charging on US products — and it’s completely crazy. Focus on the European Union. The EU, like the United States, has generally low tariffs; the average tariff it charges on US goods is less than 3 percent.
That’s going to enrage our trading partners. I don’t foresee them coming groveling to the U.S. for exceptions. I foresee a more outright trade war, or possibly just shunning the U.S. as a supplier.
We will see what ensues, but lying about the size of foreign tariffs on U.S. products doesn’t seem likely to lead to de-escalation.
Brexit was the biggest recent own goal on trade, but this certainly appears to be magnitudes more destructive potentially. And Putin is grinning I’m sure.
UPDATE: This CNBC article seems pretty comprehensive: Dow futures tumble more than 700 points as Trump imposes sweeping tariffs: www.cnbc.com/…
UPDATE 2: This CNBC article lists the reciprocal tariffs for 180 nations:
www.cnbc.com/...
Looks like the Faulkland Islands and Reunion are particularly hard hit by the new tariffs.
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