Trump's tariffs "mean fewer homes built," says Redfin economist
Economic experts are already bemoaning the vague and widespread nature of Trump’s new tariff policy, especially concerning the still-thawing U.S. housing market.
“If these tariffs were more targeted and on specific goods, I wouldn’t be so sure we would have stagflation,” Redfin chief economist Daryl Fairweather said in a post on X. “But these appear to be extremely broad, so I expect higher inflation and lower or even negative economic growth.”
“Home construction was already going to be weak this year,” she continued. “But these tariffs (combined with labor problems from immigration policy) will mean fewer homes built."
Justin Wolfers, an economics professor at the University of Michigan who has been a critic of Trump's tariffs plans, posted on X that the duties would equate to "a flat tax."
"A huge hit to the budgets of working- and middle-class Americans," he wrote.
White House factors 'currency manipulation' into tariffs
Trump is basing the reciprocal tariff rates on how much other countries tax U.S. exports, “including currency manipulation and trade barriers.”
In its last report published November 2024, the U.S Treasury did not designate any countries as currency manipulators, let alone those published on the list shown by Trump in the Rose Garden. Even during Trump’s first administration, China was designated as a currency manipulator before being de-designated as one due to “enforceable commitments to refrain from competitive devaluation.”
It’s unclear how the White House translated “currency manipulation and trade barriers” into tariff rates, but the White House told reporters those numbers were calculated by the Council of Economic Advisors, headed by Stephen Miran.
Investors flee U.S. stocks in after-hours trading
Markets plunged in after-hours trading, as Trump held a poster up listing various tariff levels for U.S. trading partners.
The ETF (exchange-traded fund) that tracks the broad-based S&P 500 dropped more than 2.3% and the ETF tracking the Nasdaq 100 plunged more than 3.1% in volatile trading. The Dow ETF also slid more than 420 points.
Trump pledges a minimum 10% barrier on all trading partners
That will apply to countries that the administration has said has lower monetary and "nonmonetary" barriers than most of America's largest trading partners.
Trump promises reciprocal tariffs equivalent to "half" of what they charge U.S.
But by including "nonmonetary" tariffs, Trump is charging new tariff rates of as much as 49% on other nations. That rate is being charged to Cambodia.
For China — 34%.
For India — 26%.
For the European Union — 20%
It was not immediately clear whether those tariffs would be applied on all products or targeted at products on which those countries levy tariffs against the U.S.
Trump is going through the history of U.S. trade barriers — but not offering details on his new policies yet
The president is going on an extended monologue touching on grievances, history and frustration, but has yet to divulge much about the new tariffs.
Trump: 25% tariff on all foreign-made automobiles effective midnight
Trump had foreshadowed those duties last week. Tariffs on foreign-made auto parts are also expected.
Trump pledges 'reciprocal duties' on U.S. trading partners
Trump said tit-for-tat tariffs would be coming to counter not just other countries' tariffs but "nonmonetary" barriers like currency manipulation and "pollution havens."
Trump: America has been 'looted, pillaged, raped and plundered'
Trump's speech is under way and he's started off with some of his most assertive rhetoric.
Trump said it will be the day American industry "will be reborn," touting a new "golden age of America."
Minutes away
We're just a few minutes away from Trump's Rose Garden announcement, which was scheduled to start at 4 p.m. ET.