Trump Imposes Tariffs on Over 60 Countries

President Donald Trump has imposed new tariffs on imports from over 60 countries, with rates ranging from 10% to 50% for certain nations and sectors, including a 35% tariff on Canadian goods and planned hikes for pharmaceuticals and semiconductors. The measures raise the average U.S. tariff rate to between 15% and 18.3%, the highest since 1934. Only select partners such as the EU, Japan, and the UK have reached partial deals, while China and Mexico have been granted temporary exemptions pending further negotiations. The announcement led to a drop of over 1.5% in all major U.S. stock indexes amid concerns about inflation and potential stagflation. Trump maintains the tariffs are intended to strengthen U.S. finances and security, but economists and business leaders warn of consumer price increases and economic instability. The new tariffs have heightened global trade tensions and left the economic outlook uncertain.