On Wednesday, April 9, the Trump administration’s reciprocal tariffs went into effect for dozens of countries. Goods from China are now subject to a 104% tariff, and several other large US trading partners were hit with tariff ranging from 11 to 50%. The “reciprocal” tariffs, which are not actually reciprocal, were calculated by dividing a country’s trade deficit with the US and multiplying that value by one-half, a formula that has come under bipartisan scrutiny for its flawed nature.
The nonpartisan Tax Foundation says that on average Americans will spend $2,100 more per year due to these tariffs. Additionally, forecasts for a domestic and potentially international recession have grown after the Trump administration’s assertiveness on enacting the reciprocal tariffs.
