Trade Partnership Worldwide, based on data from the Census Bureau, estimates $714 billion in new tariffs, which will be spread differently for each country. Lazaro Gamio for the New York Times reports:
As companies and consumers will largely bear the higher cost of importing goods, Mr. Trump’s trade policies could come with a large economic toll. Consumer sentiment has begun to fall, inflation is expected to rise, and global stocks have been plunging. Even Mr. Trump has suggested that his policies could cause a recession.
Nevertheless, Mr. Trump suggested on Wednesday that more trade actions could follow.
