Why is this important?
On Wednesday, U.S. president Donald Trump signed a regulation imposing "reciprocal duties" of at least 10% on goods imported from abroad, with EU goods of 20%. The US-pronounced rates are expected to account for half of the combined customs duties and non-customs trade barriers applied by another countries.
Trump's movements origin drops in the U.S. stock market. On Thursday, little than an hr before the closing session on the fresh York Stock Exchange, the S&P500 rate recorded a 4% decrease and could scope the highest one-day drop since March 2020 and the Covid-19 pandemic. Similarly, advanced declines are recorded by Dow Jones Industrial Average (more than -3%) and Nasdaq Composite (more than -5%). The prices of clothing companies and electronics manufacturers (including Apple), consisting of abroad production and components, have been peculiarly affected by the price of sales.
What did the vice president of the United States say?
J.D. Vance in an interview with Newsmax noted that Donald Trump's movements should not be a surprise to anyone due to the fact that he had announced them for months. – We had an economical policy that rewarded the relocation of jobs to China alternatively of investing in American workers. president Trump promised that he would change it, and he did," the vice president of the United States stated.
At the same time, he added that duties could have been much higher, "but the president is trying to send a signal that we will be a small nice." “We will grant a tiny discount,” he said. J.D. Vance stated that Trump's administration wants to take care of "people from Wall Street", but it is more at heart for it to be "American workers and tiny entrepreneurs" and they have the most benefit of Trump's commercial policy.
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