PHILADELPHIA (WPVI) — President Trump is calling April 2 Liberation Day.
Trump signed an executive order, implementing 10% baseline tariffs on every country on Earth, effective this coming Saturday.
He is also imposing reciprocal tariffs, which will vary, on what the president calls the “worst offenders.” Those tariffs are going into effect next Wednesday.
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President Donald Trump unveiled road-based “reciprocal tariffs” on imports in the White House Rose Garden on Wednesday.
St. Joseph’s University economics professor, Nancy Ruth Fox, says she understands the plan is to increase revenue and rebuild America’s industrial base.
But, she says, you can’t have it both ways.
“If I continue buying goods that are produced abroad, that will bring in tariff revenue. But it won’t do anything for American production, not anything, but just at a very simple level,” said Fox.
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Conversely, she says, if American consumers switch to domestic goods, then the tariff revenue naturally dries up.
Salvatore Auriemma, owner of Claudio’s Italian Cheese Shop in South Philadelphia, says he’s hoping this is all just some kind of negotiating tactic.
“I think he likes to fire up, you know, get everybody motivated. You know, tell them the worst, and then we will settle. It’s a tactic he uses. I think he will back off,” he says.
We also asked shoppers if they would continue buying their favorite imported goods, if the prices of those items rise due to the tariffs. Reactions were mixed.
Andrea Petrillo, who was visiting from Cleveland, Ohio, says, “It wouldn’t have an impact on me. I would still pay for the quality, cut out a few things like cannolis.”
But Susan Weiss, of Chestnut Hill, says, “If I could afford to buy a Bentley, I would have to go down to a Volkswagen Beetle instead, but that’s not going to happen either way.”
Trump says his plan will reduce the trade deficit and even the playing field with countries that are essentially closed to American exports.
Still, many economists say, anyway you slice it, this is a major financial and political risk.
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