Global Trade Alert: New Tariffs Hit Nearly 70 Countries "Get ready for a significant shift in global trade! Starting August 1, nearly 70 countries will face new tariffs, impacting international trade and economies worldwide. In this video, we'll break down the details:
- *Countries Affected*: From Zimbabwe to Vietnam, we'll explore which nations are impacted and how. - *Tariff Rates*: We'll dive into the varying tariff rates, ranging from 10% to 70%, and what this means for trade. - *Global Economic Impact*: How will these tariffs affect global markets, trade relationships, and economies? - *Sector-Specific Tariffs*: We'll examine specific sectors targeted, such as aluminum, steel, and pharmaceuticals.
Stay informed about the latest developments in global trade and tariffs. Like, comment, and subscribe for more updates on international trade and economics!"
Some potential video titles: - "Tariff Tsunami: 70 Countries Hit with New Trade Barriers" - "Global Trade War: New Tariffs Affect Nearly 70 Countries" - "Tariff Alert: What You Need to Know About the Upcoming Changes" ¹ ²
00:00For more on what the president's new tariffs could mean for the U.S. economy, let's go ahead and bring in editor-in-chief of Investopedia, Caleb Silver, who is joining me now.
00:09Caleb, good morning. Thank you so much for being here.
00:11So we saw stocks take a tumble on the heels of these newly announced tariffs and really a disappointing jobs report.
00:18What's your reaction to all of this?
00:20Well, the stock market has been at record highs because I think investors were focused on this big growth in corporate profits,
00:26especially among the biggest stocks in the stock market.
00:29So I think the news on the tariffs, also the extension on some of the tariffs and the uncertainty around tariffs is certainly giving a shock to investors and the stock market and the economy overall right now.
00:42But the economy and the stock market have been heading in different directions for a while.
00:45Once these tariffs go into place next week, we might have a little more certainty what that means for price pressure,
00:50both for consumers and for businesses that are going to have to pay this and decide whether or not to pass it on to us or eat those profit margins themselves.
00:58And companies have been concerned about this for months.
01:00So now that we're going into this, going into effect in less than a week, what are companies saying right now and how they're dealing with this?
01:08Well, as your correspondent pointed out, Ford saying it's going to cost them an additional $2 billion.
01:12Walmart is saying we're going to have to pass those costs on to you, the consumer.
01:17But other companies have said, no, we're going to try to mitigate that.
01:19The question is, where are those tariffs actually being paid?
01:22Are they being paid at import, at customs when they come through?
01:25And then as that cost being passed then on to the retailer who then passes it on to us,
01:30at some point consumers are going to stop spending if prices rise too high.
01:35And we've already seen inflation kind of being very sticky around the 2.6, 2.7 percent range.
01:40OK, Caleb.
01:41So we've talked about stocks.
01:42We've talked about companies.
01:43But let's go ahead and talk about consumers right now, because so many across the country fear that they will bear the burden of those costs.
01:50So what products will see an immediate impact if these tariffs do take effect?
01:55We've already seen it with automobiles, especially with imported automobiles or U.S. automobile makers that import parts.
02:02We haven't yet seen it yet in produce.
02:04And that's going to come when and if we get tariffs with Mexico and Canada.
02:08Mexico, obviously, the biggest exporter of produce to our grocery stores here in America.
02:14There is an extension on those negotiations.
02:16We know that.
02:17But the big tariffs on steel and aluminum, and those are very high, which go into a lot of the components we use here for manufacturing,
02:24those are going to be passed through already to businesses.
02:27And then it's going to raise prices for things like machinery or equipment or even remodeling of your home.
02:33So we're facing this pressure that's going to come in various directions right now.
02:36The saving grace at the moment is relatively low gas prices because that's mitigated some of the rise we've already seen in things like apparel and some technology.
02:45All right. Well, we will follow along on Investopedia because we know this is the stuff that you live and breathe.
02:51Caleb Silver, thank you so much for joining us.
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