US Tariffs Raise Prices, Slow Jobs Growth, Weaken Economy

The recent imposition of high tariffs by US President Donald Trump on imports from countries like India and South Korea has triggered significant economic concerns. A Yale University study warns these tariffs could cost American households an average of $2,400 in lost income due to rising prices on essential goods such as clothing, food, and vehicles, disproportionately affecting lower-income families. The tariffs have also contributed to a decline in US economic growth, with predictions of a 0.5% reduction in GDP and 500,000 job losses by the end of 2025. The tariffs have led to market volatility, including sharp declines in Indian stock indices and copper prices, reflecting broader global economic disruptions. Businesses across the US express uncertainty and difficulty planning investments due to inconsistent tariff policies, which undermines President Trump's goal of reshoring supply chains. Despite these challenges, the tariffs have not reduced the US trade deficit, as imports rise ahead of anticipated price hikes while exports remain stagnant.