Trump's August 1 Tariffs Set to Hit Global Trade

President Donald Trump's new tariffs, some reaching up to 50%, are set to take effect on August 1 after extensive negotiations with multiple countries. Major agreements have been struck with South Korea, Japan, and the European Union, resulting in lower tariffs in exchange for significant investment and market-opening commitments. However, India faces a blanket 25% tariff, escalating trade tensions and surprising analysts. The wholesale and distribution sectors, which comprise a large share of U.S. GDP, warn of severe supply chain disruptions and rising costs, with smaller firms at particular risk. Manufacturing and upstream industries are expected to face higher input costs, and consumers may see increased prices. Experts predict the tariffs could slow U.S. economic growth, drive inflation, and potentially harm U.S. industry more than intended, especially with steep tariffs on critical materials like copper.