Earlier this week, the White House announced a new 10% tariff on most imports into the United States to begin on Saturday, as well as country-specific additional duties. (CNN breaks down the countries impacted by specific tariffs.) President Trump cited the International Emergency Economic Powers Act (IEEPA) and the National Emergencies Act (NEA) in declaring a "lack of reciprocity in our bilateral trade relationships" a national emergency warranting the unprecedented move.
The tariff announcement provoked the largest one-day decline in the stock market since the early days of the COVID-19 pandemic in 2020. Markets have continued to slide as other countries, such as China, announce reciprocal tariffs against U.S. products. Still more retaliatory measures are likely to come, although as noted in the New York Times, the country list originally provided to reporters included the uninhabited Heard Island and McDonald Islands, as well as the British Indian Ocean Territory (whose main population is residents of a joint military base shared with the U.S. and Britain).
Federal Reserve chair Jerome Powell said Friday that he expects the tariffs to further raise U.S. inflation. Analysts have begun to share guidance on weathering the financial uncertainties, highlighting which products make sense to buy in the near future and how much everyday goods like groceries and clothing are expected to rise.
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