Donald Trump made a significant announcement about the plans to impose trade tariffs on imports such as aluminum and steel. President Trump added that steel would attract tariffs of 25 percent while a 10 percent tariff would be applied to aluminum. The terms were said to apply to all trading partners of the U.S.
However, congressional Republicans strongly opposed the proposal. The administration team of Mr. Trump also opposed the proposal. As a result, people believe that president Trump will change the plan. Trump’s economic adviser, Gary Cohn, sharply criticized the plan saying that it is not viable. While serving at the White House, Gary led several changes such as rewriting financial rules and revamping the United States tax code.
Increased federal budget deficits which were approved by Mr. Donald may lead to a rise in interest and inflation rate as a result of his willingness to cause a ‘trade war.’ If such tariffs are also imposed on Chinese imports, there could be increased adverse impacts to the economy of the U.S. Additionally, the move could lead to a loss to the majority but only benefit countable Americans. The move could as well trigger retaliation from the U.S trading partners (http://dailywealth.co/reclusive.html). Since Mr. Cohn was set to step down, his departure could cause negative impacts, especially to investors. Most people admired Mr. Cohn for the way he handled trade-related issues.
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