Lates News

For many countries, the 15% tariff rate announced by Trump is better than the rates faced under the IEEPA tariffs. Joe Brusuelas, Chief Economist at RSM US, pointed out that countries like Brazil, Canada, India, Indonesia, Mexico, and South Africa, which previously faced tariffs as high as 50%, will now face lower rates. However, countries like Argentina, Australia, Saudi Arabia, and the UK will face higher tariffs. Additionally, retailers like Walmart, Target, Costco, and Amazon will benefit from lower tariffs, while the appliance industry will be severely affected by Trump's tariffs, impacting companies like Home Depot, Lowe's, and IKEA. Although steel and aluminum tariffs remain unaffected, tariffs on auto parts are "reciprocal," which is good news for car manufacturers like General Motors, Ford, and Toyota. Consumers who have paid higher prices on many goods may not benefit from lower tariffs, and there is uncertainty about whether individual importers can obtain refunds.