Pres. Trump will announce tariffs on autos, aluminum and pharmaceuticals in near future

Pres. Trump is saying that:

• Will announce tariffs on autos, aluminum, and pharmaceuticals in the near future
• Tariffs will keep US taxes low.

Meanwhle, commerce Sec. US Commerce Secretary Lutnick is saying:

• April 2 tariffs announcements will launch the external revenue service

OK…. Taxes will remain low (…while prices move higher?). There is no doubt Trump has no interest in raising taxes. However, costs from tariffs will impact cost of goods. Is the spaghetti being shuffled around the plate? Who does it benefit the most? Those that spend more of income on goods and services are the one’s most likely hurt if the level of prices goes higher as a result.

Also, the White House confirmed to CNBC Javers the new 25% tariffs on countries that do business with Venezuela will be on top of other tariffs. China tariffs will therefore go to 45% on April 2.

This article was written by Greg Michalowski at www.forexlive.com.