There’s been a sense of whiplash from Trump’s back-and-forth tariff threats and responding retaliation seen over the last few months.
WASHINGTON — Long-threatened tariffs from U.S. President Donald Trump have plunged the country into trade wars abroad — all while on-again, off-again new levies continue to escalate uncertainty.
Trump is no stranger to tariffs. He launched a trade war during his first term, taking particular aim at China by putting taxes on most of its goods. Beijing responded with its own retaliatory tariffs on U.S. products ranging from fruit to automotive imports. Meanwhile, Trump also used the threat of more tariffs to force Canada and Mexico to renegotiate a North American trade pact, called the U.S.-Mexico-Canada Agreement, in 2020.
Fast-forward to today, and economists stress there could be greater consequences on businesses and economies worldwide under Trump’s more sweeping tariffs this time around — and that higher prices will likely leave consumers footing the …