U.S. President Donald Trump unveiled his most expansive tariffs yet, and what experts say could represent the biggest tax hike in modern U.S. history, in a long-promised move that could well slam the brakes on the U.S. economy and spark global reprisals. Trump’s self-described “liberation day” announcement from the White House Rose Garden featured the most sweeping import duties yet from his administration: an ostensibly reciprocal tariff on all imports from abroad that will see duties ranging from a baseline of 10 percent to rates such as 46 percent on Vietnam. The new baseline tariff will take effect on April 5, according to a White House fact sheet, and the higher reciprocal tariffs will be added on April 9. The barrage of new tariffs will be imposed under the Carter-era International Emergency Economic Powers Act, with Trump calling the current trade deficit a “national emergency.”
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Fifty years ago, against the backdrop of an America torn apart by Vietnam—Foreign Policy magazine was founded by Harvard professor Samuel Huntington, a one-time hawk, and his close friend, Warren Demian Manshel, a dove. The purpose and mission was to question commonplace views and groupthink and to give a voice to alternative views about American foreign policy. Huntington hoped it would be “serious but not scholarly, lively but not glib.” In 2000, under the ownership of the Carnegie Endowment for International Peace, FP transitioned from a slim, quarterly journal to the glossy magazine it is today—while retaining its independent viewpoint and commitment to rigorous exploration of the world’s biggest issues. As the world became more complex, its global audience rapidly grew. International editions were launched in Europe, Africa, the Middle East, Asia, and Latin America. In 2003 it won a National Magazine Award for General Excellence. It won a National Magazine Award again in 2007 and 2009. And ForeignPolicy.com is the only independent magazine that has won consecutive digital National Magazine Awards every year since the site was created. In 2008, FP was purchased by the Washington Post Co. The Post's leadership saw in FP an opportunity to build on past successes and use new media to serve decision-makers in business, finance, and government in ways that would further establish Foreign Policy as the leader in its field. In 2013, FP became part of Graham Holdings Company, formerly the Washington Post Company.
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Foreign Policy reposted this
Washington no longer seems interested in acting as Ukraine’s main defender and the burden is shifting to Europe. But can it bear the load? Find out on Season 2 of Foreign Policy's Counterpoint podcast... Nathalie Tocci of Italy's Institute of International Affairs and Harvard University's Stephen Walt debate the question: Can Europe fully replace the U.S. as Ukraine’s chief protector? Listen here: https://lnkd.in/e7wuQgb9
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Foreign Policy reposted this
U.S. President Donald Trump imposed sweeping “reciprocal” tariffs on virtually all of Washington’s allies and adversaries on Wednesday. Will it be Liberation Day, as Trump calls it, or Recession Day? Only time will tell, but U.S. trading partners are not optimistic. Several global powers have already pledged hefty retaliatory measures in response, suggesting that the White House’s trade war is just beginning. Canada has vowed counter-tariffs, while Senate Democrats moved to pass a resolution aimed at blocking U.S. duties on Canadian products. Mexican President Claudia Sheinbaum prepares to unveil a broad economic plan on Thursday, the same day that U.S. auto duties will go into effect. And China, South Korea, and Japan have agreed to respond to U.S. levies in a rare moment of Indo-Pacific unity, though Seoul and Tokyo have pushed back against the characterization that this is a joint move. Reciprocal tariffs will begin at midnight and will act as a “declaration of economic independence,” Trump said on Wednesday. Rates will vary per nation, and an additional 10 percent baseline tariff will be applied to all countries regardless of whether they tax the United States. Trump hopes that these measures will encourage U.S. and foreign companies to move their operations to the United States and create more factory jobs. However, economists fear that such actions will raise costs for consumers—both in the United States and abroad—and increase inflation. Global markets have already seesawed in anticipation of an uncertain future. https://lnkd.in/gptiMAjH