U.S. President Donald Trump speaks to reporters as he departs for travel to Texas to tour areas affected by deadly flash flooding, from the South Lawn of the White House in Washington, D.C., U.S., July 11, 2025. REUTERS/Jonathan Ernst
On both the left and the right, critics of President Donald Trump's steep new tariffs keep hoping that he will give up on the idea. But on Thursday, July 10, Trump threatened to impose a 50 percent tariff on all Brazilian goods imported into the United States as well as a 35 percent tariff on Canadian imports.
In an article published on July 11, The Atlantic's Annie Lowrey warns that for American consumers, the wise thing to do in response to Trump's latest threats is start budgeting ASAP.
"You might have forgotten about the trade war," Lowrey explains, "but the trade war has not forgotten about you. This week, Donald Trump reignited the global financial conflict he started in January, sending letters threatening new tariff rates to nearly two dozen countries.… Additionally, Trump warned he would slap tariffs on goods from any country 'aligned' with the 'anti-American policies' of China, India, and other industrial powerhouses — no further details given — and put a 50 percent levy on imported copper, used to build homes, electronics, and utility systems."
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Lowrey noted that on Wall Street, investors are mocking Trump with their TACO meme: Trump Always Chickens Out — meaning that Trump will threaten tariffs only to pause them. Regardless, Lowrey stresses, Trump is creating a lot of chaos and uncertainty in the business world.
"Businesses are struggling to negotiate the uncertainty created by the White House," Lowrey observes. "Trump's tariffs are forcing up consumer costs and damaging firms. And the latest renewal of the trade war will make the economy worse. Small businesses and companies reliant on imported goods from high-rate countries are struggling the most."
Lowrey recently interviewed Jonathan Silva, CEO of WS Game Company, and he described the aftermath of Trump's "Liberation Day" tariffs as the "worst 45-plus days of our company's history."
"Businesses thus far have sheltered American consumers from tariffs by eating some of the cost themselves and relying on stockpiled goods," the journalist observes. "As a result, inflation has remained subdued and economic growth strong enough through the first half of the year. "
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Annie Lowrey's full article for The Atlantic is available at this link (subscription required).