Further afield, European economies are also at risk from Trump's tariff regime. The U.S. president told reporters on Sunday that tariffs on the EU "will definitely happen" — but said a deal "could be ...
One reason governments use tariffs is to protect domestic industries. However, tariffs can have downsides, including reducing the purchasing power of consumers.
Beijing announced tariffs of 10% to 15% on U.S. coal, liquefied natural gas, crude oil, pickup trucks and other products shortly after the U.S. tariff took effect.